Thursday, 9 July 2015

Pavegen Systems Smashes Crowdfunding Record

Pavegen was founded in 2009 as a start-up from Loughborough University and morphed into an innovative CleanTech company, with its headquarters in the London district of King’s Cross. They manufacture and develop innovative flooring technology that provides renewable electrical energy by converting kinetic energy from footsteps. The potential of this groundbreaking technology can be better appreciated when one imagines a smart city where our daily electrical appliances are powered by the collective footsteps of the public or where a concert is solely powered by the energy generated from the footsteps of the audience.

In order to expand their operations, Pavegen systems posted its product technology on Crowdcube, a crowdfunding site, with a target of 750K GBP. Just after two days, they were able to realise their target and by the end of the 45 days of the crowdfunding campaign, they were able to surpass their target of 750K GBP by 275% from over 1555 investors making a whooping 2,062,540 GBP You can read insights from Laurence Kemball-Cook, the founder and CEO of Pavegen, with his 5 tips for a successful crowdfunding campaign.

In the pipeline, Pavegen is set to deploy an installation minutes away from the White House in Dupont Circle, Washington DC. It has also gained acceptance in over 30 countries, with 100 major installations, and as a result, has been able to generate a cumulative revenue of over 2.5M GBP. Major installations have been done in Heathrow Terminal 3, other public places and shopping malls across Europe.

Pavegen chose Crowdcube as its crowdfunding platform to achieve its ground breaking crowdfunding investment of over 2M GBP. Crowdcube is one of the world’s leading investment crowdfunding platform, allowing people and investors to fund start-up, early stage and growth businesses through equity and investment fund options.

Laurence Kemball-Cook, founder and CEO of Pavegen, said in an interview: "As we continue to expand globally and create value for our current shareholders, we will be looking to close a larger venture capital round in the near future. Crowdfunding has enabled us to reach this next stage of growth far quicker than conventional forms of raising finance."

We are particularly proud of Pavegen's milestone because we have known them for several years and indeed they received early advice from Amoo Venture Capital Advisory, back when Laurence was still starting out. As lead advisors, Amoo was material to Pavegen’s first capital raise, and we still believe there is a lot more to come from this exciting alternative energy company. And the crowd thinks so too.


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