eFOLDi returns to tried & tested crowdfunding to fund more stock, marketing & US entry
Having enjoyed significant success raising funds via crowdfunding in 2018 and earlier in 2019, eFOLDi has launched a new campaign, aiming to raise a further £350,000 as it prepares to ramp up production, R&D and marketing activities, as well as enter the lucrative US market.
With its aim to “disrupt the mobility market with a true lightweight, versatile” mobility scooter, the company unveiled its eFOLDi Lite in June 2019, a folding mobility scooter boasting a magnesium frame and lithium battery.
The mobility start-up is now using crowdfunding to raise funds to ramp up its operations, including production of its eFOLDi MK 1.5 and development of the Lite, having achieved a £2.27m revenue and a net profit £413,000 in FY19.
It’s third crowdfunding campaign since May 2018, this latest round of fundraising sees eFOLDi return to Crowdcube, after running its last campaign on popular crowdfunding site Kickstarter in June 2019.
Unlike Kickstarter, where individuals invest in a product or company in return for unique deals to secure finance from pre-orders, CrowdCube is an equity crowdfunding platform, where investors can gain shares in the company.
In May 2018, eFOLDi successfully secured £939,650 from 746 investors, enabling the company to begin mass production of its eFOLDi MK 1.5 and launch an effective television campaign, allowing the manufacturer to gain traction in the competitive UK folding scooter market.
Buoyed by its success, the company confirms it will continue the success of TV advertising, where it says it has enjoyed impressive returns of 1:7, where every £1 spent on has returned on average £7 of sales, and expand the use of distributors to scale in the UK in FY20.
In addition, eFOLDi says it will aim to replicate its UK model in the replicate in the US at the beginning of 2020, hinting at establishing a potential headquarters with a warehouse in or near the state of Florida.
According to Sumi Wang, Founder & CEO, Florida is the company’s largest US market, with the base of operations providing sales, customer services and repair services similar to that in the UK but tailored to fit the local market.
Importantly, the ambitious CEO notes that the launch time and entry strategy to the US are dependent on the size of the investment raised in the current round of funding, stating that the company intends to penetrate the US in April 2020 if it reaches its funding target.
Check out the campaign page to learn more about the company’s crowdfunding initiative.
