Pod Point, the company that manufactures charging points for electric vehicles, has raised £267,750 from mini bonds on crowdfunding platform Crowdcube.
The bonds, which have an eight per cent annual yield and mature after three years, will be used to fund the initial roll out of Pod Point's new public charging network, Open Charge.
Erik Fairbairn, chief executive and founder of Pod Point said:
We hit our target of £250,000 thanks in part to [electric vehicle] enthusiasts, but also from people with a desire to put a smaller investment into creating a cleaner environment.
The company beat its £250,000 target in 30 days, ahead of its funding deadline, and will keep the fundraiser open to overfund. It is also running a £1.5m equity fundraiser on Crowdcube, to invest in growing the business and updating its technology.
At Pod Point we’re huge fans of crowdfunding as a way to help us grow into the future and let others share in our mission.
The company has grown its turnover from £1.9m to £6.5m in the last 2 years, and has shipped over 20,000 charge points.