LAND, a Cleveland-based electric motorcycle maker and battery technology company, recently wrapped up a successful Series A financing round, surpassing their fundraising goal by over US $1 million. Following this success and having closed an oversubscribed seed round, the firm is now gearing up to introduce a $15 million convertible note, aiming to drive further expansion.
LAND CEO and founder Scott Colosimo expressed his enthusiasm for the upcoming round, stating, “LAND has continuously hit our business and production goals, and this ability to execute has resonated with our investor community. We have opened our $15M convertible note round to scale up production and expand globally.”
Most light electric motorcycles in the US are produced overseas, making LAND one of a select few to focus on US production.
The recent Series A investment was spearheaded by Ancora, attracting participation from several other prominent investors.
Capitalizing on this fresh influx of funding, LAND upgraded its 30,000-square-foot (2,800 square meter) production facility over the summer. The renovation introduced a state-of-the-art assembly line and an expanded design and development center.
The company also bolstered its workforce by doubling the production team. Among the noteworthy additions to their team are Tim Leedom as the chief revenue officer, and Chris Davis as the head of production.
Highlighting the company’s trajectory, Colosimo added, “It is a time of growth at LAND. Not only is our team bigger, but we’re gearing up to expand our portfolio of electric offerings this fall.”
In 2020, LAND launched its flagship electric motorbike, The District. The electric two-wheeler is priced at around US $8,000 and is designed to blend the convenience of an electric bike with the power of an electric motorcycle.
With three speed settings ranging from e-bike level (27 mph or 43 km/h) to e-moped (40 mph or 64 km/h) to full e-motorcycle (70+ mph or 112+ km/h), The District aims to meet the needs of a broad spectrum of riders from novices to off-road enthusiasts and even seasoned motorcyclists.
The bike is built around a swappable electric battery pack, developed by LAND and known as the CORE, can feature up to 5.5 kWh of capacity. The company says that’s enough to offer an impressive 120-mile (193 km) range per charge.
The motor is rated for 11.5 kW continuous and 17 kW peak (15.4 hp continuous and 22.8 hp peak).
The newly announced convertible note round hopes to turbocharge LAND’s local production and sales in the U.S., paving the way for its first international foray expected in the next year.
Ancora chairman and CEO Fred DiSanto voiced his support, remarking, “We are thrilled to take the wheel and provide our backing to a Northeast Ohio company that is driving energy independence forward. 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.”
Electrek’s Take
I haven’t tried one of LAND’s bikes yet, but it’s always great to see a new US-based manufacturer. There’s a growing market for light electric motorbikes, and this could definitely fit the bill for a lot of riders.
The bikes seem to be designed for either off-road use or street-legal riding on pubic roads, though I’d be curious who performed the company’s homologation testing. I see multiple issues with the bike that don’t meet NHTSA requirements for motorcycles designed for street use.
I’m glad to see the company is raising serious capital though, since funding has proven to be an issue for light electric motorbike companies lately. With the wind in its sails for now, LAND seems set on a good path. I look forward to following the company’s progress.
Author: Micah Toll
Source: Electrek
