Successful Round I Fundraise for EV start up
20 December 2022
Debrett’s Private Finance (DPF) has advised Piper Electric Vehicles (PEV) on its Series I fundraise.
PEV is an EIS-qualifying, innovative British engineering start-up. Its mission is to re-create electric versions of the most magical and charismatic cars of yesteryear to meet the needs of 21st century drivers and contribute to a sustainable future. The business will reimagine, design and produce brand new cars, from the ground up, rather than retro-fit or convert existing combustion engine classic cars to electric vehicles.
Its first platform vehicle is a newly imagined version of the highly-acclaimed Austin Healey Sprite. The business is led by Mark Hall, CEO and John Piper, CTO. Both have 30+ years in automotive design, engineering, strategy, sales and marketing expertise across the globe.
The funds raised have already been spent on the production of a working prototype and production is due to commence in Q2 of 2023. The business will shortly be raising a small ‘top-up’ round of £500,000 which will be the final amount necessary for production and all future requirements. The business will be cash generative from then on and has further vehicles to launch.
Mark Hall, CEO said “Thank you to DPF. Good job on securing the investment we require so swiftly. We are now in proper growth mode, and I couldn’t be prouder of the business we are building. For any enquiries, please contact me at mark@piperev.co.uk”.
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