eFOLDi smashes funding target again with four days left of crowdfunding campaign
After launching its latest crowdfunding campaign in December 2019 with the goal of raising £350,000 to pursue its growth ambitions, eFOLDi has far exceeded its target, reaching almost half a million pounds from over 260 investors.
Officially launched in 2017, the eFOLDi is a lightweight, folding mobility scooter aiming to bridge the gap between mobility and lifestyle. Founded by Sumi Wang, the invention was designed by her father, Jianmin Wang, after he suffered a broken leg and created a product that would help him to get around in the busy and compact city of Beijing.
As of 7th January 2020, the mobility start-up has managed to raise £499,100, pledged by 261 investors keen to become a part of the growing mobility equipment manufacturer.
Aiming to build on a successful year of trading, generating £2.27m revenue and a net profit £413,000, eFOLDi announced at the beginning of December 2019 that it was raising additional investment to enable it to increase production and accelerate R&D.
Rather than seek investment via more traditional methods, such as through banks or private equity, the company confirmed it was going to generate the funding using crowdfunding.
Now an old hand in the relatively new arena of crowdfunding, eFOLDi has successfully managed to secure significant investment using popular online platforms over the company’s short history.
In May 2018, the company managed to generate just shy of £1m of investment via its wildly successful campaign on Crowdcube and in June 2019, the company completed another round of fundraising on Kickstarter.
Despite the Christmas break, eFOLDi has managed to repeat its success on Crowdcube over December and has already exceeded its funding target by over 40 percent, with four days remaining for investors to pledge.
The additional funding will be used to bring its eFOLDi Lite model the market, a folding scooter consisting of an ultra-lightweight magnesium frame and lithium battery.
In addition, eFOLDi confirmed it will use the finance to ramp up production of eFOLDi MK 1.5, alongside renewed investment in marketing campaigns, with a particular focus on television advertising.
Writing to investors on the crowdfunding platform on the 6th January 2020, Sumi Wang, Founder & CEO of eFOLDi, said: “Thank you all so much for all your support! Despite the fact of Christmas and New Year holidays, we have hit our target and still raising!
“If you’re still considering being part of the eFOLDi success it’s not too late to invest as we enter our last week of funding.”
At the start of the campaign, eFOLDi also outlined plans to enter the US market if it reached a large enough investment, stating it would look to establish a headquarters and warehouse in or around Florida before looking to expand out wider.
It is not yet confirmed if the investment generated has reached a point where this will become a reality.https://thiis.co.uk/efoldi-smashes-funding-target-again-with-four-days-left-of-crowdfunding-campaign/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2019/06/efoldi_hero_image_lite.jpg?fit=1000%2C720&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2019/06/efoldi_hero_image_lite.jpg?resize=150%2C150&ssl=1NewsroomSupplier NewsTrade Newscrowdfunding,efoldi,eFOLDI lite,eFOLDi Mk 1.5,finance,investment,sumi wangAfter launching its latest crowdfunding campaign in December 2019 with the goal of raising £350,000 to pursue its growth ambitions, eFOLDi has far exceeded its target, reaching almost half a million pounds from over 260 investors. Officially launched in 2017, the eFOLDi is a lightweight, folding mobility scooter aiming to...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine