Land electric motorbike Series A oversubscribed
The company has enjoyed positive resonance for its electric motorcycles that are fit for city, road and country riding and have removable and swappable batteries. The company also closed an oversubscribed seed round.
In response to interest from new investors, Land is now launching a $15 million convertible note to further fuel its growth. The Series A round was led by Ancora, with participation from several other investors. Over the summer, Land used a portion of its fresh funds to renovate its 30,000-square-foot manufacturing facility. This includes an assembly line and a larger design and development centre.
“LAND has continuously hit our business and production goals, and this ability to execute has resonated with our investor community,” Land CEO and Founder Scott Colosimo says. “We have opened our $15M convertible note round to scale up production and expand globally.”
The American motorcycle and battery maker has also expanded its team and doubled the size of its production staff to ramp up production. “It is a time of growth at Land,” Colosimo adds. “Not only is our team bigger, but we’re gearing up to expand our portfolio of electric offerings this fall.”
Founded in 2020, Land currently offers two electric motorbikes. Both electric two-wheelers, the ‘District’ and the ‘District Scramber’ have speed settings that take it from an e-bike with speeds up to 27 mph, up to a performance motorbike capable of 70+ mph. The bikes have swappable, removable batteries of 72V CORE Battery Packs allowing different ranges from 40 – 120 miles.
The company’s team of designers, engineers and software developers have designed The District and the portable power platform (CORE) “from the ground up”. The company says its motorbikes are designed to be “compact, lightweight, and versatile to meet the needs of a range of riders, from beginners to experienced motorcyclists.”
About the swappable batteries, the company only says on its website: “CORE batteries are ideal for portability: compact, powerful, lightweight, and intelligent. Connect them with our proprietary IOT software and that’s unparalleled, microgrid power.”
Swappable batteries have had enormous success for the two-wheeler segment globally, most notably with Gogoro throughout Asia. Although swappable batteries have had little traction in the USA so far, the attention being given to the Cleveland electric motorcycle manufacturer indicates that this might be about to change.
0 Comments