English electric bike brand Pedibal has launched a crowd funding campaign for the production of a folding e-bike. As part of the campaign, the brand is offering investors the opportunity to purchase an e-bike for £10 – although investment in the scheme may set you back a slightly larger amount.
Pedibal has launched its campaign using the Crowdcube crowd funding platform to raise capital to fund the production stages of its CitE NAVIGATA folding electric bike. The bike has a Samsung L-ion battery concealed inside its frame, which can power the on-board pedal assist motor for up to 60km at 25km/hr.
The folding bike retails for £999 in the UK but as part of the crowd funding effort, Pedibal is offering anyone who backs its Crowdcube campaign by £1400 or more, a NAVIGATA CitE for £10, alongside shares in the company.
Pedibal founder Joe Mulcahy commented: “As well as the financial benefits, we wanted to give our backers the chance to be a part of this very exciting project from day one.
“We believe that we have designed and produced the most affordable and practical folding electric bike on the market. Many people have been attracted to the idea of sustainable transport solutions for some time, but have found that barriers such as cost, security of the bike while at work and the usability of the actual bike get in their way. We believe the NAVIGATA is a big step towards breaking down these barriers and changing how we commute and how we travel.”