LAND Closes Series A Round 'Oversubscribed'

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Sep 06, 2023, 11:36 ET

The e-Moto manufacturer has raised more than $7 million to date

CLEVELAND, Ohio, Sept. 6, 2023 /PRNewswire/ -- Today, Cleveland-based electric mobility and battery manufacturer LAND announces the close of a successful Series A round. The electric motorcycle maker exceeded fundraising expectations by more than $1 million in this latest round. The company also closed an oversubscribed seed round. In response to interest from new investors, LAND is now launching a $15 million convertible note to further fuel its growth.

"LAND has continuously hit our business and production goals, and this ability to execute has resonated with our investor community," LAND CEO and Founder Scott Colosimo says. "We have opened our $15M convertible note round to scale up production and expand globally."

The Series A round was led by Ancora, with participation from several other notable investors. Over the summer, LAND leveraged some of the fresh funds to renovate its 30,000-square-foot manufacturing facility, which includes a modern assembly line and larger design and development center. LAND has also expanded its team and doubled the size of its production staff to be able to ramp up production. Among the new company hires are Tim Leedom, chief revenue officer, and Chris Davis, head of production.

"It is a time of growth at LAND," Colosimo adds. "Not only is our team bigger, but we're gearing up to expand our portfolio of electric offerings this fall."

In 2020, LAND debuted its flagship e-Moto, The District, which combines the ease of use of an electric bike and the power of an electric motorcycle into one two-wheel vehicle. Featuring three speed settings—e-Bike (up to 27 mph), e-Moped (up to 40 mph) and e-Motorcycle (70+ mph)—The District is a versatile option that meets the needs of a range of riders, from beginners to off-road enthusiasts and experienced motorcyclists. The e-Moto is powered by a swappable electric battery pack (CORE), also designed and developed by LAND, that has a range of 120 miles per battery.

LAND's convertible note round will allow the company to continue to scale e-Moto production and sales in the U.S. and expand internationally within the next year.

"We are thrilled to take the wheel and provide our backing to a Northeast Ohio company that is driving energy independence forward," Ancora Chairman and CEO Fred DiSanto says. "LAND's successful second financing round, oversubscribed and with tremendous momentum, is now complemented by the launch of a $15M convertible note, propelling their growth even further."

For more information, visit landmoto.io.

About LAND
Founded in 2020 by Scott Colosimo in Cleveland, Ohio, LAND is based on the principle that energy continuity and mobility are essential to modern life. LAND provides a transitional eMoto ecosystem with a portable power platform (CORE), a game-changing approach in the light electric vehicle industry. With products proudly manufactured in Cleveland, LAND is unwavering in its belief in American ingenuity and world-class craftsmanship. As a design-forward company, LAND is dedicated to constantly evolving to meet the needs of their customers, everyday consumers and businesses looking for energy efficiency.

SOURCE LAND