POD Point launches £1.75m crowdfunding campaign

Electric Vehicle charge point supplier POD Point has started a major crowdfunding campaign that aims to raise £1.75 million to expand the company.

POD Point is inviting potential investors to help it achieve its mission of ‘a POD Point everywhere you park for an hour or more’ through two different money raising schemes.

The first, entitled ‘Electric Equity’, aims to raise £1.5 million to bolster the company’s sales capacity and develop new hardware and software products. Investors into this scheme will get shares in the company in return for their investment.

The second scheme is the ‘Open Charge Bond’, which aims to raise £250,000. This money will be used to fund the roll out of Pod Point’s open charge network of public charge points, with investors getting an eight per cent annual return over three years.

This is not the first time POD Point has turned to crowdfunding, having previously raised £1.5 million in 2014, which was used to launch the company’s open charge network and helped the company scale its turnover from £4.5 million to £6.5 million.

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