Land Moto’s Funding Success
Cleveland-based electric motorcycle manufacturer, Land Moto, has achieved a significant milestone by surpassing its Series A funding target, raising $7 million in September 2023, exceeding its initial goal. Moreover, the company is gearing up for even more substantial expansion with a convertible note offering totaling $15 million. This article explores Land Moto’s recent developments and ambitions.
A Commitment to US Production
In a market where small-capacity electric motorcycles are often dominated by Chinese brands, Land Moto stands out as one of the few manufacturers dedicated to US production. The company’s commitment extends from the design phase to the final assembly of their motorcycles. To facilitate this, Land Moto has modernized its 30,000 square-foot production facility, equipped with a state-of-the-art assembly line. Additionally, the brand’s design and development center received a refresh, and the production team has doubled in size. Key appointments, such as Tim Leedom as Chief Revenue Officer and Chris Davis as Head of Production, further strengthen Land Moto’s position.
Successful Series A Funding and Investor Confidence
Land Moto’s impressive Series A funding campaign, led by Ancora, garnered investments from prominent players in the industry. CEO and Founder Scott Colosimo expressed his gratitude, highlighting how the funding will empower the company to achieve its business and production objectives. Colosimo emphasized, “We have opened our $15 million convertible note round to scale up production and expand globally,” underlining Land Moto’s ambitious growth plans.
Expanding the Electric Vehicle Lineup
With an enhanced production capacity and fresh capital injection, Land Moto is poised to expand its electric vehicle lineup in the near future. Currently, the District serves as Land’s flagship electric motorcycle, known for its sleek design and advanced technology. Priced at $8,000 USD, it boasts a mid-mounted electric motor connected to the rear wheels via a chain drive. The motorcycle offers a continuous power rating of 11.5 kilowatts and a peak output of 17 kilowatts (approximately 22.7 horsepower), along with three-speed settings. Land Moto’s battery pack, “CORE,” provides an impressive 120 miles of range on a single charge, thanks to its 5.5-kilowatt-hour capacity.
Support from Ancora and Global Expansion
Fred DiSanto, Chairman and CEO of Ancora, expressed his support for Land’s aspirations to become a prominent player in the EV space. DiSanto affirmed, “We are thrilled to take the wheel and provide our backing to a Northeast Ohio company that is driving energy independence forward.” Land Moto’s second financing round, oversubscribed and brimming with momentum, is further complemented by the launch of a $15 million convertible note, propelling their growth even further. As Land Moto invests in expanding its electric vehicle lineup, its eyes are also set on international expansion in the near future.
