• Dubbed the ‘Tesla on two wheels’, Bolt’s electric scooters aims to fully replace petrol scooters which are thousands of times more polluting than a small van
  • Bolt closes oversubscribed equity crowdfunding round today with a view to get its “design your own” scooters to market in 2018

London, 18 October 2017:Bolt Mobility, the ‘Tesla on two wheels’, has today closed it’s oversubscribed (by over 200%) fundraising campaign, which raised over €3 million on equity crowdfunding platform, Seedrs. The European startup is on a mission to take petrol-guzzling, environmentally harmful scooters off the road, permanently.

The fundraise, which attracted over 2,000 investors from the UK and the Netherlands, has become Seedrs most successful non-UK campaign to date. The proceeds from the fundraise will be primarily used to get Bolt’s internet-enabled electric scooter, called “AppScooter”, ready to market in 2018. While the majority of the campaign’s investors were UK based, investors from the Netherlands invested more per person on average.

The global sales for motorcycles and scooters reached 134 million units in 2016, with industry revenues reaching $90 billion,yetscooters, in particular,poseseriousenvironmentalproblems. According to the University of Cambridge, scooters are up to thousands of times more polluting than a small delivery van and are responsible for 30% of worldwide traffic emissions.

A number of European countries have put specific policies in place to deal with the environmental impact of scooters. In Amsterdam, 77% of all scooters on the roads will be subject to new legislation from January 2018 as petrol scooters manufactured before 2011 are phased out. France and Italy have also banned petrol scooter usage in some cities during certain days or times.

By contrast, it appears that the UK is lagging behind as the British government recently announced the decision to just ban the sales of diesel and petrol cars by 2040.They have not yet put similar legislation in place to deal with scooters, despite them being bigger polluters than cars, especially as poor air quality is also a growing concern in the UK. Currently,air pollution in Britain causes an estimated 29,000 deaths a year.

Founded in 2014 by entrepreneurs Marijn Flipse and Bart Jacobsz Rosier, the Dutch startup is gearing up to be the scooter of choice for Europeans next year amidst uncertainty regarding petrol scooter laws. Bolt’s recent fundraising round will accelerate production so the automotive startup can take its electric scooters to market in 2018.

Bart Jacobsz Rosier, CEO and co-founder at Bolt, says: “It’s exciting to see so much support from the UK market. The proceeds from our latest fundraise will enable us to push the AppScooter into production next year. We aim to have delivered more than a quarter million scooters to customers by 2020. We are truly excited to be at the forefront of a lucrative market worth over £30 billion a year.”

Edwin Berkhout, a Dutch venture capitalist and investor in Bolt says:“Bolt Mobility’s approach is revolutionary, as our scooters will be powered by clean, renewable electric and therefore potentially game changing on a global scale. Not only is the AppScooter the next step in helping the world reach its renewable targets, it is also how scooter driving should be.”