Dear PodRide Supporter,
Time for another update… a significant one.
We are excited to announce that our equity fundraising launched earlier this month on the 2nd of April. Based on feedback from our supporters, we chose to work directly with our supporters rather than through a commercial platform.
To date, a little over €83,000 has been pledged from 37 supporters in 15 countries. This is a good start, but to actually receive this funding we need to achieve a minimum goal of €200K.
We are ready to begin prototyping of the new optimized design. We also have a highly experienced manufacturing expert ready to join our team. This expert works with leading european ebike brands and has a solid track record of overseeing the successful manufacturing of world class bikes and trikes.
If we fail to raise our minimum goal we will have to delay prototyping, and we will lose the services of this expert. As a consequence of this, production and delivery would be delayed too, as we chase more traditional sources of funding. So it’s vital that we hit our minimum goal, and get started on the next round of prototyping.
We would like to explain why fundraising is absolutely necessary to make the PodRide vision a reality…
Some people have suggested that we should “just start making PodRides”, and worry about scaling up later. Unfortunately this would absolutely not work for many reasons. First up the cost of producing PodRide in small numbers would be prohibitively expensive. Secondly without the upfront investment in molds, tooling and jigs, product quality and consistency would suffer.
Our goal is to produce a quality product as cost effectively as we can so that PodRide can be made affordable for the masses. This requires significant investment. The initial estimates in the Indiegogo campaign of what it might require to manufacture and bring to market, a complex product like PodRide were uniformed and premature.
Let’s take stock of where we are…
- We have a great product, the design of which has been optimized for manufacture and increased functionality.
- We have over 40,000 supporters on social media and our mailing list.
- Well over 200 million people have seen video’s of PodRide and there is a large demand for it.
- ebike sales are soaring around the world.
- The world is demanding eco friendly mobility solutions like PodRide to combat the many problems faced in today’s cities.
The biggest thing standing between where we are today and shipping PodRide is money. We need your support now, more than ever, to make this happen (in a timely manner).
Unfortunately as much as we wish the situation was otherwise, due to legal and financial constraints we are not in a position to accept investment from our US and Canadian supporters at this point in time.
If you would like to make a difference, become a shareholder in the PodRide business, and see the PodRide project come to fruition, please explore the opportunity at www.podride-invest.com We have provided a detailed business plan, video walk through of our pitch deck and more information for your review.
Thank you for your continued support.
David, Mikael and the PodRide team
PS: Do you know someone that may be interested in this? Please share this with them by clicking “share” in the video above.
If you don’t use Facebook you can see the video here.
NOTE: This does not constitute an offer to sell or a solicitation of an offer to buy Common Stock in the Company in any jurisdiction or to any person to whom it is unlawful to make such an offer of sale.