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Charging point supplier Pod Point reaches crowdfunding target

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Electric vehicle charging point supplier Pod Point has reached its crowdfunding target of £1.75m and is now overfunding.

In an innovative move, the company is running a dual campaign with both an equity and mini-bond component.

Its 'electric equity' campaign has hit its target of £1,500,000 and is now at £1,515,250.

It has seen 456 investors pledge amounts from £20 to £500,000.

The firm plans to use the funds raised as growth capital to expand its sales and marketing team and develop new products so they can get closer to their mission of putting “a Pod Point everywhere you park for an hour or more".

Its 'open charge' mini bond campaign exceeded its target of £250,000 a few days prior, raising £269,750 to finance the initial rollout of its next generation public charging network, POD Point Open Charge.

Enough has been raised to rollout around 200 new EV charging bays across the UK.

Both the bond campaign and equity campaign are now in overfunding on the Crowdcube site which means they are still open to investment.

Erik Fairbairn, CEO and founder of Pod Point said: "We’re thrilled that the crowd continues to get behind our crowdfunding campaigns, and with electric equity we have seen the largest amount of investors for any campaign so far.

"What this means for the public is that we can get closer to fulfilling our promise of having a ‘top up’ charge point anywhere where people park for an hour or more.

"Electric cars are without a doubt the future of driving, and we are proud to be raising awareness of clean tech and helping to create a cleaner environment for everyone.”

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