Swedish EV Startup Uniti Raises €1.23 Million Through Fundedbyme Campaign

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The Swedish electric vehicle startup that we wrote about recently, Uniti, has managed to raise more than €1.23 million in new funding through its Fundedbyme crowdfunding campaign, going by a new video update released by those involved.

That means that the startup raised many times its published target for the campaign. I guess that there’s a lot of enthusiasm out there as far as “affordable” electric vehicles? That flies in the face of the actions taken to date by established auto manufacturers.

The Tesla Model 3 revealed earlier this year showed something similar — there’s a lot of demand out there for electric vehicles (EVs) that are affordable and possess decent range.

With regard to Uniti, the new funding will apparently allow for a prototype to hit the road sometime next year — with a production offering following sometime after that (by the end of the decade).

Here’s the video update, for those interested:

A couple of other points (for those who aren’t going to watch the video): the €1.23 million in funding came via 570 different investors, spread across 45 different countries (you may recall that those in the US weren’t able to take part in the campaign); average investment amount was $2,300; and the company is aiming for an EV selling price of around ~$23,000.

The company’s plans, sensibly, involve targeting the millennial generation of Western Europe, which represents a substantial, and underserved market, according to the company.