Finnish light electric vehicle designer and maker Skand has raised €1.8 million in a combination of crowdfunded equity at €845,000 and a bank loan of €1 million. The crowdfunding drive comprised 14% of the company’s equity on offer and saw an average buy-in of €3,041. Demonstrating strong demand in the company, the figure is 3x the initial funding target.
Founded in 2015 by Miika Utoslahti, Skand produces light electric vehicles specifically designed for year-round usage. Skand points to the development of more durable and powerful batteries as a key to its success, specifically in the harsh winters experienced in the Northern Hemisphere.
With Norway, Iceland, and The Netherlands leading the charge on EV adoption, Skand is banking on the fact that other Northern European countries will soon follow suit. According to an Allied Market Research report, the global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%.
Skand, in turn, is reporting a 175% growth in sales year-over-year, with its vehicles available for order anywhere in continental Europe.
“The pandemic has caused people to be wary of crowded public transportation. With Skand’s products, you can move around in big cities and the countryside silently and in an eco-friendly way,” comments Utoslahti. “We strongly believe that electric vehicles capable of being driven year-round are a key solution for big cities with traffic and congestion issues. For more sparsely inhabited areas having means of moving freely when you want is also vital.”