FTN Motion investment round oversubscribed

Wellington’s FTN Motion has closed its investment round of $500,000 after pitching its unique electric motorbikes to key private investors and angel clubs throughout the country.

It says the round was oversubscribed by at least $60,000.

The three co-founders, Luke Sinclair, Kendal Birstow and Saskia Thornton, met individuals and clubs in Wellington, Nelson, Blenheim and Auckland – among other locations – and say they attracted both local and international investment.

This initial investment will be used for research and development to bring FTN Motion’s Streetdog prototype to a full certifiable model. It will also be used to make the start-up’s first key hires and to develop 10 Beta units to be sold to Wellington-based businesses in July this year.

The team plans to do another raise around October to find extra capital for a larger production run. This run will also include the 100 Founder’s Edition Streetdogs, which are currently being pre-sold to Early Adopters and which will be produced by December.

The Founder’s Series bikes were released by FTN Motion as part of gaining early market validation and building brand awareness. Making the first 100 Founder’s Edition Streetdogs available for pre-order at $100 at the end of January, FTN Motion has now already sold more than 80 of the bikes though word-of-mouth, some media attention, and by driving around Wellington handing out flyers.

“We didn’t have any money to spend on advertising so we hit the streets and just showed the bike off,” Sinclair says.

“It really helped prove we were onto something. People just love the design and there’s nothing out there like it.”

FTN Motion’s electric moped featured in the EVs and Beyond March magazine.