The share issue of light electric vehicle company Skand Oy closed on the night of Tuesday, 23 March on Invesdor.com, having raised approximately €845,000 to support the company's growth ambitions.
Over the course of the share issue, investors subscribed approximately 14% of the company's equity on offer: the average investment was ca. €3,041. The last days of the funding round were eventful: close to 17% of the issue's total was invested during its final 36 hours.
Loan set to substantially raise the amount of available funds
Skand also received an offer for a bank loan of €1M on Monday, 22 March. The company's board decided to approve the offer in their meeting on Thursday.
In other words: after adding in the funding from the share issue, Skand will begin the journey toward the its targets armed with total growth muscles of ca. €1.8M.
"The feeling in our team is currently very positive and excited", says the company's CEO, co-founder Miika Utoslahti. "We're now in a great place that's in line with our goals when it comes to growth capital. It's also fantastic to welcome aboard such a large crowd of new shareholders who share our vision on the future of electric mobility."
First growth goal steps: Online store expansion and sales recruitments
Skand's year 2021 has started with plenty of activities. During the funding round the company expanded its online store and can now serve customers from all EU countries. Another first step has also been taking in opening new countries.
"Our first Danish sales person just recently started work, and we began recruitment processes for Norway and Germany. Our experience in Finland and Sweden has been positive and we've gathered understanding of customer needs from these markets. Our next step is to seek growth from the other Nordic countries and Europe", tells Utoslahti.
The sales figures for electric vehicles are also moving ahead of projections: the CEO tells that some days before the funding's round closing March sales were approximately one fifth ahead of original estimates.
"If this pace continues and holds in the month's final numbers, March sales would be 146% better than the same period in 2020."