$1.6M investment raised for FTN Motion with the help of NZTE
Wellington e-motorbike start-up FTN motion had investors returning to back the company in its second oversubscribed raise.
Wellington e-motorcycle start-up, FTN Motion, has completed its second oversubscribed capital raise in less than a year, with investors from New Zealand and Australia returning to back the company as it gets ready to release its first 100 'Streetdog' bikes to NZ buyers this year - and eyes overseas markets.
FTN Motion's mission is to make the world's most beautiful moped-class electric motorcycles while reducing congestion, commute times and pressure on the planet.
Designed and created in Wellington by co-founders Kendall Bristow and Luke Sinclair, the Streetdog has seen huge demand, with the bike's first release last year selling out in just days. The waiting list for the second release, planned for 2022, continues to grow exponentially. The company has raised $1.6 million since launching in late 2020, with both raises oversubscribed. Kendall Bristow says it's hugely encouraging that original investors continue to back the business.
"We're extremely happy to have the continued support of our existing investors. They're impressed with the traction we've been able to create in a short period of time. They're also excited to back a New Zealand-made electric solution to reduce congestion that's better for the planet, has our unique storage capacity and is also incredibly eye-catching," he says.
FTN Motion is also planning to take its operations global and is looking to expand overseas as soon as possible. "We're already researching markets to work out where to launch and when. We will be sending trial units overseas within the next year as part of our research and testing phase," says Kendall.
FTN Motion has recently moved into its flagship showroom and workshop in Haining St, Wellington, enabling them to begin large scale production and create a home base to offer test rides for the Streetdog. The first 100 beta bikes will hit roads this year, with Wellington International Airport currently displaying the first beta Streetdog.
Luke Sinclair and Kendall Bristow completed the first prototype of their electric moped during the COVID-19 lockdown. Together with their Amsterdam-based co-founder Saskia Thornton, they formed FTN Motion, and are seeking to change the way New Zealand, and the world, commutes by creating sleek, timeless electric vehicles rooted in the carefree Kiwi lifestyle.
Different by design, their moped-class e-bike has a unique, classic motorbike feel paired with purposefully minimalist technology and layout, for a stress-free, uncomplicated riding experience that will be loved by commuters and adventurers alike. Powered by an electric 3KW hub motor, it has a 100km range, a top speed of 50km per hour and can be driven on a standard car licence. The battery is easily removable and can charge from any wall socket and the bike has more storage space (30L) than almost any other similar vehicle.
The NZTE Investment team is proud to have supported FTN Motion with both their capital rounds. As an investment customer, FTN Motion was able to access support with pitch preparation, financial modelling and investor introductions.
Whether you're an investor looking to explore the unique investment opportunities New Zealand has to offer, or you're a New Zealand organisation wanting to raise capital for global growth, the New Zealand Trade and Enterprise (NZTE) Investment team is ready to help.
