Sydney-based motorcycle technology startup Forcite is on track to raise $6million in a Series A as the company enters the final day of its equity crowdfunding campaign on Equitise.
With around 10 hours left in the campaign before it closes at 9pm on Weds, February 16, Forcite has raised $1.15 million from investors towards a maximum target of $3 million.
The raise will value the business at more than $23 million.
Forcite has already raised $4.6 million via Series A preference shares in a round led by Uniseed with support from new and existing backers.
Founded in 2013 following a motorcycle accident involving founder and CEO, Alfred Boyadgis, the company aims to provide a safer, more dynamic riding experience with the Forcite MK1 smart motorcycle helmet.
The MK1 sold out with 1,380 riders putting one on their heads and Boyadgis has been working on the next generation MK1S, featuring several upgrades that came from existing user feedback
More than 14,000 potential customers have registered their interest for the helmet in Australia, US and Europe.
Forcite is also working on several joint venture collaborations with global motorcycle manufacturers to integrate smart technologies within bikes.
Boyadgis said 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,” he said.
“They have their fingers well and truly on the pulse. With this investment from venture capital and equity crowdfunding we’re expanding globally and building our R&D pipeline for the next generation of Forcite motorcycle helmets and in-bike technologies.”
The CEO said the new capital means the company now geared up to take advantage of the boom in the motorcycle and outdoor and recreational equipment sector and he’s grateful for the community Forcite has built.
“Forcite’s success is down to the involvement of the motorcycle community who have been with us every step of the way, providing invaluable feedback during product development. Our equity crowdfunding is another way to foster this partnership with riders,” he said.
Uniseed Investment Manager Natasha Rawlings said Forcite has positioned itself as a market leader in the motorcycle technology industry with a rapidly growing and loyal customer base.
“We strongly believe in Forcite’s strategy of providing category defining products and a community centred approach to business,” she said.
“They are thinking well beyond the motorcycle helmet category and have the support of the motoring industry to go there.”
Forcite now has 18 full-time employees and 60% are motorcycle riders.