Sydney based motorcycle technology start up Forcite is on target to raise a total of $6m.
With a Series A funding round led by Uniseed via new and existing shareholders, it powers development of Forcite’s motorcycle technology and accelerate global expansion.
This has raised $4.6 million via a placement of Series A Preference Shares.
Forcite attracts interest from investors
$920k was raised via the Equitise campaign in addition to the Series A funding round.
Founded in 2013 following an accident with Alfred Boyadgis, the company aims to provide a safer, more dynamic riding experience with the Forcite MK1 smart motorcycle helmet.
The ECE 22.05 approved smart helmet sold out every time build slots were available.
Currently, 1,380 riders are experiencing the Forcite MK1 on the road, and over 14,000 potential customers have registered their interest across Australia, USA and Europe.
Soon to be released is the new and improved MK1S, featuring several upgrades.
The motorcycle technology company also has a number of joint ventures in the works with global motorcycle manufacturers to integrate smart technologies within bikes.
Forcite executive commentary on the funding
Alfred Boyadgis, the Co-Founder and CEO of Forcite offered additonal insights.
“We appreciate the input got 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’ll expand globally and build our R&D pipeline for the next generation of Forcite helmets and technologies.”
Forcite stakeholder commentary
“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 their DNA, from crowdsourced design improvements on products and software, to sponsoring grass roots motorcycle racing.”
“This meant a natural fit to use equity crowdfunding. This was a way to facilitate several years of demand for an opportunity to invest from Forcite’s followers and early adopters.”
Alfred said, “Our success is due to the involvement of the motorcycle community who have been providing Forcite invaluable feedback during the product’s development.”
“Our crowdfunding is another way to foster this partnership with riders.”
Forcite is now geared up to take advantage of the boom in the motorcycle and outdoor and recreational equipment sector driven by the pandemic and resulting lockdowns.
The motorcycle industry globally is experiencing consistent year on year growth with the global market for gear and accessories valued at $35bn and growing at a CAGR of 7.2%.
Forcite has a competitive advantage in this area of wearable technology. The team has grown to 18 full time employees with 60% of their employees being motorcycle riders.