Elio Motors tops $25M on StartEngine
SOURCE: Bankless Times
The maker of a two-seat, three-wheeled car has attracted more than $25 million of interest on equity crowdfunding platform StartEngine.
Elio Motors announced the milestone today while adding they will continue to accept expressions of interest.
Slated to be built in a former GM plant in Shreveport, LA, the Elio will cost $6,800 while getting up to 84 miles per gallon. It is scheduled to launch next year.
“This milestone is fantastic, but it’s just the beginning as we race toward our 2016 goal of mass production,” said Elio founder and CEO Paul Elio. “Elio Motors is a revolutionary company in every way – making an affordable, environmentally friendly vehicle that creates American jobs. Equity crowdfunding is an innovative funding strategy that’s making a big difference for our company and will make a huge impact for startups like ours, all around North America.”
When Title IV of the SEC’s JOB Act came into effect on June 19, it made Regulation A+ offerings like Elio motors and social scheduling app Surkus a possibility.
Elio and Surkus are two opportunities available on StartEngine, a platform accepting support from both accredited and non-accredited investors.
StartEngine was created in 2013 by Activision Co-Founder Howard Marks and Ron Miller. By displaying private companies on a public platform StartEngine aims to help novel concepts attract a wider of supporters.
In its description on StartEngine’s website, Elio said it will create up to 1,500 at the Shreveport plant and an additional 1,500 at suppliers. Total residual job creation could reach 18,000.
Once on the mass market, Elios will be sold at stand alone retail centers. They have a servicing partnership with Pep Boys, which has 800 locations in 35 states and Puerto Rico.
Elio Motors Founder Paul Elio is a graduate of the General Motors Institute and holds several patents.