Glasgow company behind ‘next generation’ wheelchair launches new fundraiser
Freedom One Life aims to raise equity through the crowdcube crowdfunding platform to complement the support it has received from existing investors.
These funders are: Murray Capital; Ian Marchant, the former CEO of electricity giant SSE; and Stuart Macdonald, founder and CEO of cybersecurity firm Seric, all of whom continue to support the company.
Innovate UK, the UK government’s innovation agency, has also contributed more than £ 250,000 in grants.
Company founder Alex Papanikolaou, who suffers from cerebral palsy and uses an electric wheelchair daily, was frustrated with constantly breaking down and being blocked by unreliable wheelchairs. He decided to fix the problem himself and founded the company in 2013.
The company’s “next generation” 5 Series model is the result of years of research and development and thousands of hours of testing.
Papanikolaou said: “In creating the Series 5, we have designed an electric chair that combines lived experience with cutting edge design. Road tests in our wheelchair leave big smiles on the faces of users.
“This fundraiser will allow us to take the Series 5 through to full commercial launch, including the manufacture of demonstration chairs for the well-established distributor market in the UK and Europe, as we seek to become a leader. in a market that is expected to more than double in value to reach £ 9.2 billion worldwide by 2027. ”
The company has already secured three rounds of funding totaling over £ 1.2million.