Cleveland-based electric mobility and battery manufacturer LAND announced 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 said. “We have opened our $15 million 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 added. “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-plus 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 said. “LAND’s successful second financing round, oversubscribed and with tremendous momentum, is now complemented by the launch of a $15 million convertible note, propelling their growth even further.”
For more information, visit landmoto.io.
