Electric scooter firm is planning to accelerate growth thanks to £12.5m funding deal
A Bristol firm which specialises in electric scooters is looking at further expansion after landing a £12.5m funding package.
Pure Electric, has received an increased asset based lending (ABL) facility to the tune of £12.5m from Secure Trust Bank Commercial Finance, up from £10m in March 2022.
Launched in 2018 by entrepreneur Adam Norris, Pure Electric’s ambition is to give every person living in the UK’s towns and cities a better form of transport through its range of market-leading electric scooters.
The increased funding comes in the wake of increased demand for its products across the UK and in Europe. It will be used to finance product development and will also provide additional working capital as it implements a revamped business strategy.
With Pure Electric developing its strategy to focus solely on e-scooters via its website and third party retailers, Secure Trust Bank was able to increase the flexible facility by £2.5m to support the business through the strategic change.
The funding will also support the company’s sustainability by encouraging the public to consider greener forms of transport.
Mike Piggott, head of Midlands and South West client management at Secure Trust Bank Commercial Finance, said “We have a close relationship with the team at Pure Electric and it has been great to see the business reach new heights over the last 10 months.
“We have been able to create a flexible finance facility that works to Pure Electric’s needs, allowing us to increase funding as the company implements its renewed strategy.”
Stephen Marshall, chief finance officer at Pure Electric, said: “Pure Electric is continuing to make a significant positive impact on the planet, and we believe e-scooters are crucial to dramatically improving the lives of people living in cities across the world.
“With Secure Trust Bank’s continued support in helping us grow, we’re further able to enhance the lives of riders across the world.”
