E-bike company Ampler Bikes has raised €2.47 million (£2.19 million) through equity crowdfunding.
The young hardware startup aims to build better personal transportation solutions for urban environments, with e-bikes acting as the “first wave” with which the company aims to fulfil its ambition.
The money, which was raised by 1241 investors from 29 different countries, will use the capital to continue building the future of personal transport by “tackling the urban commuting problem”.
The round was oversubscribed, with the campaign hitting €2.47 million in just five working days.
Ardo Kaurit, Ampler CEO and founder, said: “We are very happy with the progress of this funding round. As it was the biggest crowdfunding campaign in Estonia to-date, we were not sure what to expect, but luckily we were blown away by the massive support from both new and existing investors. We feel confident to continue our growth journey with all that support we received.”
Instead of distributing e-bikes through traditional resellers, Ampler sells its bikes directly to customers. The company has been growing 200% to 300% year-over-year since launching publicly in 2016 and plans to continue that path, aiming to lift the production capacity to 25.000 units per year within three years.