Endurance Motive closes funding round in a few hours

The company Endurance Motive, founded by Ander Muelas and Carlos Navarro in 2018, recently closed a $2.4 million (€2 million) investment round. Of that amount, more than $240,000 (€200,000) has been achieved through the equity crowdfunding platform of SociosInversores.com.

Endurance Motive’s project improves the environmental footprint. They have created lithium batteries that reduce the environmental impact and can be used in the industrial and naval sectors, as well as in public transport vehicles, among others.

The advantages of these batteries include cost reduction and space and weight optimization. According to them, all the batteries have been designed and manufactured in Spain following manufacturing techniques and protocols of the automotive sector.

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48 private investors

SociosInversores.com stated that the interest unleashed by the project meant that the investment round was completed in five hours. However, not all interested parties were able to participate. In fact, 48 private investors from the SociosInversores.com Investors Network participated in the retail round.

Apart from Equity Crowdfunding, several Family Offices, partners who were already part of the company, investors from the BME Growth Environment and company employees participated in the investment round.

3.3 million investment

Both Muelas and Navarro have expressed their surprise at the success of the crowdfunding campaign they were able to launch. They explained that they decided to reserve part of the capital increase to Equity Crowdfunding to offer greater liquidity to investors at the IPO.

The creators of Endurance Motive are engineers. In the three years that the company has been in operation, they have raised $3.9 million (€3.3 million) in investment in different rounds. In 2020 the company had a turnover of $2.75 million (€2.3 million). The forecasts for this year exceed $5.97 million (€5 million), which is due to the international expansion of the project.

In addition, the company has already started making projects for the marine industry, which are expected to be ready by 2022.

Endurance since its constitution on 02/23/2018 has attracted 1.3 million investors in different rounds In just three years Endurance Motive has gone from a first year 2018 without relevant billing, to billing $405,000 (€340,000) in 2019 to $2.7 million (€2.3 million) in 2020. 

In 2021, the forecasts are to exceed $5.9 million (€5 million) in turnover thanks to the international expansion that has begun, as well as the first projects for the marine industry that the company hopes to have by the end of 2022. Following the closing of the extension, Endurance would be transformed into SA and during the second / third quarter of 2021 it intends to apply for admission to trading of its shares in BME Growth. 

Project with great potential in a booming market such as lithium batteries as well as electromobility. The incorporation of the company to BME Growth will give the partners the possibility of immediate liquidity, as well as the transparency and guarantee of good management of the company that it requires when it is listed. Environmental footprint : The lithium batteries of the Endurance Marine range guarantee the best results: they reduce the ecological impact , reduce costs, optimize space and weight, simplify systems and allow a quiet navigation with silent operations near the Port, restricted areas or in fishing areas, among other advantages.

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(Featured image by Finnrich via Pixabay)

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