UBCO’s public offer ticks over $2 million.
UBCO are excited to announce that their current capital raise with Snowball Effect, has recently ticked over the $2 million mark, thanks to over 140 investors.
UBCO has partnered with Snowball Effect to raise a total of $2.5 million for the next stage of their development. The offer went live on March 20th and they have now ticked over the $2 million mark thanks to the support of over 140 investors.
Since their last capital raise in early 2017, UBCO has established a US-based office in Oregon, launched their road legal 2×2, and grown revenue to $3m (last 12 months).
UBCO will use the fresh equity capital being raised to fund new market expansion, launching into Europe in 2019, as well as supporting sales growth and product development.
“This is an incredibly exciting time for UBCO,” says UBCO CEO and Managing Director, Timothy Allan.
“We’ve been seeing growth in all our markets, and are looking forward to launching into the EU. The 2×2 has previously been displayed at the National Ploughing Championships in Ireland and there is now a fleet of off-road 2×2’s available to hire in the EU thanks to Electric Wheels Hire. So we are already gaining traction, and can’t wait for our official launch into the market later this year.”
”"We are very thankful for the support we are receiving through our Snowball listing, and are excited to see where it takes us."
As for the success UBCO are seeing with their capital round, Timothy says, “We are very thankful for the support we are receiving through our Snowball listing, and are excited to see where it takes us.”
Simeon Burnett, Snowball Effect’s CEO & Co-founder, has been coordinating the public listing alongside UBCO and is pleased with the results.
“UBCO has received excellent interest and investment from experienced investors – they’ve been impressed with the progress that UBCO has been able to make to date, particularly in the US market, and clearly see the potential of the product globally as the EV market evolves.”
UBCO’s public offer is open until the 20th of April, with a max target of $2.5 million, so there is still time to invest if you want to get behind this kiwi innovation.