e-Go aeroplanes raises GBP950,000
e-Go aeroplanes, the UK’s first manufacturer of lightweight carbon fibre aeroplanes, has raised GBP950,000 in a second round of finance, surpassing its target of between GBP650,000 and GBP800,000.
This latest funding round follows the e-Go prototype’s first successful flight on 17 October 2013.
All existing investors are contributing again. In addition, a number of new supporters have joined, both directly and through the crowdfunding platform SyndicateRoom. The government-backed Angel CoFund is also making a significant investment.
Twenty investors backed e-Go aeroplane’s launch in 2011, among them UK aerospace leader Marshall of Cambridge. Now a further 60 investors have joined the group, including a number of business angels, the company’s chief test pilot and first British astronaut, Michael Foale.
Flight trials and ground testing of the e-Go prototype continues and first customer deliveries are planned for quarter one 2015 - at a sales cost of around GBP50,000 + VAT.
“The e-Go ethos is to do a lot with a little and that will remain our guiding principle,” says Malcolm Bird, e-Go’s executive chairman. “The UK is unique in offering such a supportive deregulated environment for aircraft of this type; so new investors can look forward to an exciting time in helping bring to market a design that is innovative, striking in appearance, fun to fly and will cut dramatically the cost of personal flying.”
Tim Mills, investment director at the Angel CoFund, says: “e-Go are exactly the type of exciting, innovative British business we look to invest in. Their prototype flight last year was the first to be undertaken by a new UK aircraft manufacturer in years. The team have an exciting proposition and we look forward to supporting them.”
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