Wales-based Riversimple, a pioneering hydrogen fuel cell car company, have successfully raised £1,138,000 through their equity crowdfund exceeding their initial target of £1M!
In the Spring of last year, Riversimple secured a grant of €2M from the EU towards the costs of the Beta Test and were crowdfunding to raise matched funding. With the funds raised they plan to build a series of production prototypes cars known as the Rasa for the public to test and refine in a 12 month trial.
With the use of our Microsite technology, Riversimple, was able to connect with their network and raise funds directly from their own website from over 350 investors. With the largest investment being £100,000.
Our platform handled every step of the investment process and ensured compliance at every stage, so Riversimple could focus on their mission of reducing the environmental impact of personal transport.
Riversimple was named by Insider Media deal of the month for their crowdfunding campaign.
Riversimple founder Hugo Spowers told Insider Media: “I am delighted that we have not only passed our first tranche target of £1m, but the interest was so keen that we exceeded that figure. This is down to a growing demand for low emission personal transport and to the efforts of our team, because the people that work here make this company worth investing in.
“The funding enables us to start building cars for our beta-test, which will take place in Wales and will be the first trial of its kind in the motor industry. Feedback from users will directly influence the final car design.
“Wales has been a very receptive location to develop our vehicle and is the only country to have sustainability written into its statute. The reaction from both organisations and individuals here has been overwhelmingly supportive and we have found it a great base for our disruptive technology business, which has attracted global recognition.”
Riversimple have a stretch target of two further tranches of £1M in investment shares, each to fund 10 Rasa ‘Beta’ cars. Watch here for more news to come!