Kiwi moped maker launches crowdfund campaign
Wellington company FTN Motion is looking to expand its production and make a push into the Australian market.
After making New Zealand history with a production run of 100 of its Streetdog electric mopeds, Wellington company FTN Motion is launching an equity crowdfund.
Along with scaling up local assembly capacity, FTN Motion says it is preparing to enter Australia and Europe, backed by investors “who have been on board with FTN’s mission since [its] first capital raise in 2021”.
FTN Motion has gone from a single prototype to full production in the space of just two years and company cofounder, Luke Sinclair, says the Streetdog — which only requires a regular New Zealand car licence to ride — is converting car drivers to electric two-wheel mobility.
“We’re at the intersection of two massive growth trends; electrification and micromobility,” he said. “The EV revolution has only just begun. It is an industry that will continue to grow as countries worldwide push to reduce emissions.
“Our investment raised to-date has been driven by our earliest supporters and we’ve allocated those funds towards the recruitment of industry experts, research and development, and production set-up.”
According to Sinclair, with deliveries now underway and a global supply chain in place, investment from the new round will fund manufacturing process and tooling upgrades as the company gears up for its next fully subscribed production run and a market entry into Australia.
The crowdfund will be through investment platform Equitise, and FTN Motion has a target of raising $3 million.
“We received a huge amount of interest from our fans and customers wanting to participate and own a bit of the company. We wanted to open this up so that all our supporters and customers could invest in our company and a retail raise with Equitise was a great way to do this,” said Sinclair.