The Finnish e-scooter company Skand took just approximately 30 hours in the public phase to reach their initial €300,000 target.
Their share issue was opened for all investors on the morning of Tuesday, 23 February. By Thursday afternoon, the round had passed 100% of its minimum funding limit. The news was also covered by Artic Startup.
From powering paper machines to e-mobility
Skand operates in the business of light electric vehicles, i.e. e-scooters. The company started in 2012 under the name Advantage Engineering Oy and at that point was still in the business of electrics wiring design for paper machines.
Since 2015, they've been focused on consumer business in the form of electric scooters and mopeds. Skand tells they have so far sold more than 5,000 light electric vehicles in the Nordics: the company entered the Swedish market in 2017 and currently more than 50% of their sales come from there, Skand tells in its pitch material.
Eye on Europe
Skand is now planning to reach for new markets: this year they are looking to launch an EU-wide webstore. In their investment material, Skand lists Denmark, Norway, Germany, France, Poland, Belgium and the Netherlands as new countries they have been looking at.
Skand is looking for a maximum of €1M with their current funding round, set to close by 23 March or earlier if fully subscribed. The equity offered is between 5.66% and 16.66% of the company's shares. You can read more from Skand's pitch page by clicking the button below.
Important notice: All investments carry a risk of losing capital. Of risks related to its business, Skand mentions in its pitch material for example risks in entering new countries and technological special developments. Invest responsibly and always familiarize yourself with the whole investment material before making an investment decision.