SoFlow successfully completes crowdinvesting campaign

Just one hour after the launch of the campaign, the crowd investment platform Seedmatch reported an investment volume of over 150,000 euros. After the first day, the amount had quickly increased to 450,000 euros, which was more than half of the maximum possible investment. "We are grateful that investors recognize the growing demand for e-mobility. With this new capital, we are confident we will be able to meet the needs of consumers with ease,” announced the SoFlow management team.

SoFlow focuses on “last-mile e-mobility”. In addition to electric ride-ons such as hoverboards, the startup produces electric vehicles such as e-scooters, e-skateboards and e-bikes. All SoFlow products are electrically powered and therefore emission-free. The investors' capital should ensure that more people will be able to move around the city quickly and cleanly.

Legalization is imminent
Personal e-mobility vehicles are not yet legal everywhere. While the e-scooters are approved for road use in Switzerland, the situation is different in Germany and other European countries. These countries are awaiting the approval of the PLEV standard (Personal Light Electric Vehicle), which is expected to be accepted in December. It is anticipated that governments will adopt this standard for road approval, which will lead to a massive increase in demand. “Upon the approval of PLEV, demand will multiply exponentially,” states Hug.

Partnership with BMW
But SoFlow will not only invest in volume growth. "We are in the process of developing a new type of e-scooter. After the huge success of our LOU e-skateboard in 2017, we want to expand our product range with further in-house developments," reports product designer Zi Fong Giang. In addition to the new e-scooter, the founders have further design plans. "In September, we secured a partnership with BMW to improve, produce and market the "Moover" developed by BMW. This will be developed from the components of our e-scooters," Zi Fong explains. The "Moover" will be a new type of industrial scooter specializing primarily in the B2B market. Among the consumers of the "Moover" will also be BMW itself, which will enforce the patent protection. "It's good to know that you have such a giant behind you so that you can concentrate on your core competencies," says CEO Hug, assessing the new alliance.

(Press release)

Picture: Soflow