Wellington-based electric motorcycle company FTN Motion has launched an equity crowdfunding effort to raise $3 million from retail investors and customers.
FTN Motion has partnered with investment platform Equitise for the venture as it scales production and prepares to enter the Australian and European markets.
Rapid growth
The young company, led by co-founders Luke Sinclair, Kendall Barstow, and Saskia Thornton, aims to bring back automotive manufacturing to New Zealand at a scale unseen since the 1990s.
The trio has put a 100-unit production run under their belts, primarily with the Streetdog e-motorcycle that went from concept to production in only two years.
The Streetdog has attracted buyers with desirable features like natural-fibre composite fairings, 80 km of riding range, and a touchscreen instrument cluster.
“We’re on a mission to reduce congestion and decarbonise the commute," says Sinclair, who shares the CEO position with Barstow. "We want to accelerate the transition to emissions-free transport and help NZ achieve our net zero carbon emissions goals by 2050, so we’ve built an urban riding machine that not only challenges convention but also turns the everyday commute into the best part of the day."
Global expansion
“We’re at the intersection of two massive growth trends; electrification and micro-mobility. The EV revolution has only just begun. It is an industry that will continue to grow as countries worldwide push to reduce emissions."
FTN Motion recently raised $1m from wholesale investors on Catalist. The company says it will use the additional money from the crowdfund to bolster its manufacturing process and upgrade tooling capabilities for its next production run, which includes Australian deliveries. It wants to make over 700 units in 2024.
Interested retail investors may express their interest in investing through the Equitise website. Meanwhile, the FTN Motion Streetdog sells for $12,000 (with a $100 reservation fee) on the company website, with next deliveries set for March 2024.