Aussie smart helmet manufacturer Forcite has attracted six million dollars in investor and crowd funding as it prepares for the launch of the Forcite MK1S, an updated version of its first smart helmet, in the coming months.
There is still a little time to invest in this small-but-growing company – more information.
Forcite plans to use this investment to develop more bike smart technology and take the world’s first street legal smart helmet to EU and US markets.
Here’s the full press release
Forcite hits full throttle with $6 million raise from Series A and equity crowdfunding
Leading motorcycle technology company excites investors with smart helmet and intense consumer demand for the new Forcite MK1S
Sydney, Australia 10th of Feb Sydney based motorcycle technology start up Forcite is on target to raise a total of AU$6million. Forcite has achieved this from a Series A funding round led by Uniseed through new and existing shareholders to power development of the next generation of Forcite motorcycle technology and accelerate global expansion. This has raised $4.6 million via a placement of Series A Preference Shares.
To complement the Series A, Forcite opened an Equity crowdfunding campaign through Equitise to provide customers, followers and early adopters with an opportunity to invest. Currently, $920,000 has been raised via the Equitise campaign, additional to the Series A and with one week to go until it closes 15th February.
Founded in 2013 following a motorcycle accident involving Founder and CEO, Alfred Boyadgis, the company aims to provide a safer, more dynamic riding experience with the Forcite MK1 smart motorcycle helmet. The world’s first ECE 22.05 approved smart helmet, the MK1, rapidly sold out every time build slots were made available. Now, 1,380 riders are experiencing the Forcite MK1 on the road, and over 14,000 potential customers have registered their interest across Australia, US and Europe. Soon to be released is the new and improved MK1S, featuring several upgrades driven by existing user feedback.. The motorcycle technology company also has a number of joint venture collaborations in the works with global motorcycle manufacturers to integrate smart technologies within bikes.
Co-Founder and CEO, Alfred Boyadgis said, “Thanks to input from riders across Australia, Forcite has created a more dynamic, exciting and safe riding experience with our smart helmet technology. Our expert team of designers, developers, and engineers are also motorcycle enthusiasts who use Forcite technology daily so they can constantly test, learn and make iterative improvements after every ride. They have their fingers well and truly on the pulse. With this investment from venture capital and equity crowdfunding we’re expanding globally and building our R&D pipeline for the next generation of Forcite motorcycle helmets and in-bike technologies.”
Natasha Rawlings Investment Manager at Uniseed said, ”Forcite has positioned itself as a market leader in the motorcycle technology industry with a rapidly growing and loyal customer base. We strongly believe in Forcite’s strategy of providing category defining products and a community centred approach to business. They are thinking well beyond the motorcycle helmet category and have the support of the motoring industry to go there.”
Forcite’s community led approach is part of the company’s DNA, from crowdsourced design improvements on Forcite’s products and software, to the sponsoring of grass roots motorcycle racing. This meant a natural fit when it came to using equity crowdfunding. The offer was a way to facilitate several years of demand for an opportunity to invest from Forcite’s followers and early adopters.
Co-Founder and CEO, Alfred Boyadgis said, “Forcite’s success is down to the involvement of the motorcycle community who have been with us every step of the way, providing invaluable feedback during product development. Our equity crowdfunding is another way to foster this partnership with riders.”
With a new injection of capital, Forcite is now geared up to take advantage of the boom in the motorcycle and outdoor and recreational equipment sector driven by the COVID-19 pandemic and resulting lockdowns.
The motorcycle industry across Australia and internationally is experiencing consistent year on year growth with the global market for gear and accessories at $35b growing at a CAGR of 7.2%. Boyadgis says that Forcite currently has a competitive advantage in this area of wearable technology.
The Forcite team has grown fast in the last year to 18 full time employees with 60% of their employees being motorcycle riders.
