Oxfordshire-based
EAV, a manufacturer of eCargo bikes, and which counts leading blue chip delivery companies among its customers, is raising £7.5 million to fund its next level of expansion. The electric eCargo bike company has already gone from strength-to-strength since its launch in 2018 – and has thrived despite recent global challenges which included the pandemic lockdowns.
Partnering with crowdfunding platform
Seedrs, the public is now able to support EAV and become part of the business as it grows. The leading eCargo bike company plans to raise a minimum of £750,000 with the balance coming from current shareholders, institutional investors, family offices and other investors.
From as little as £20, individual investors can now become part of EAV’s family, which started out as just three and is now over 60 team members strong. Investment will support the company as it tackles carbon emission levels in cities – which are already deemed a major medical threat – and inspire leading companies in all industries to make the swap from diesel vans to emissions-free EAVs.
This latest phase of crowdfunding comes at a time when climate change is in the spotlight following
COP27 and a recent IEA report that highlighted that the transport sector (which contributed 406.00 KtC0
2 in 2020-1) is the leading greenhouse gas sector, producing three-times more emissions than the industrial sector.
Adam Barmby, founder and CEO of EAV, said: “Seedrs were a part of our journey when we first established EAV, so it seemed fitting that we would use them to support the next phase in our journey. More than that, we really believe in EAV, our products, vision and our team, and we believe others will too; so we are giving them a unique opportunity to be a part of something truly special – something that will continue to change the urban transport environment and tackle climate change head on.”