Business founded by father of F1 star Lando Norris surpasses crowdfunding target
Pure Electric, an e-scooter and green mobility business owned by Father of F1 superstar Lando Norris and former Hargreaves Lansdown director – Adam Norris, has surpassed its crowdfunding target by more than 227%.
The raise is part of a wider raise in which the Bristol company had previously secured more than £4m from high-net worth individuals, further bolstering the company’s war chest of £70m investment to date – £60m of which came directly from Adam Norris himself.
The funding raise, which took place on the Crowdcube platform, offered everyday investors the opportunity to become a Pure shareholder for as little as £30.40. Investors benefit from a range of exclusive rewards as a long-term incentive for their investment, from a discount on purchases, to a free e-scooter and a Silverstone Formula 1 experience.
The raise has attracted 974 investors.
In a relatively short space of time, Pure has quickly established itself in the space of sustainable urban transportation, becoming one of the most sought-after e-mobility businesses.
Attracting the interest of top-class global brand partners, Pure partnered with McLaren to launch five product collaborations, and appeared at Paris Fashion week in 2023 in collaboration with Stella McCartney.
Adam Norris, CEO of Pure Electric, said “I believe in Pure so much I have put a significant amount of my own money where my mouth is and it is heartening to see the public share my confidence in the potential of our technology and vision to transform the future of sustainable urban mobility.
“Half the world’s population live in cities, and yet transportation remains expensive, polluting and inconvenient. The electric scooter market is therefore crucial to the broader e-mobility revolution, and this recent investment round will help boost our efforts to grow in a scalable manner, while still delivering market-leading products.”
The current investment round has received personal investment from the ex-CEO of Softbank International, CMO of Hilton Hotels, CEO of Bang and Olufsen (among others), and has sold over 295,000 units across the globe to date.