Welsh startup Riversimple races past £750k target on Seedrs

Welsh startup Riversimple has secured £811,818 as it races past its target on leading equity investment platform Seedrs. This follows the company winning a £1.25 million grant from the government’s Office for Low Emission Vehicles (OLEV).

As diesel and petrol cars slowly creep out of popularity, battery electric cars are becoming more commonplace. However they remain impractical for many people because of charging and range limitations. The Rasa is a zero emission car, powered with hydrogen rather than batteries. Hydrogen refuelling is very similar to petrol and diesel – 3 minutes at a pump, and you’re good to go for 300 miles.

With the Riversimple Rasa, customers can access a cost effective, innovative and ‘fun to drive’ eco car. Riversimple hopes to provide the car as a service for a single monthly fee which covers the car maintenance, insurance and all fuel – much like a subscription service.

Although this model is only a two-seater car, the company has announced future plans for vans and family cars to make the product available to a wider range of people. They have partnered with Seedrs to build their movement and appeal to the mass market.

Julia Chesney-Roberts, Commerical Manager at Riversimple, says: “We’re thrilled to have smashed through our funding target on Seedrs for the second time. The capital, alongside the government grant, will give us the fuel we need to take the business to the next stage as we edge closer to commercialisation. It’s an exciting time for the company and we look forward to the journey ahead with our 950-strong shareholder base.”

The Riversimple campaign will remain in overfunding for a few more days. If you’re interesting in finding out more, click here: https://www.seedrs.com/riversimple1