Norton Turns To Crowdfunding To Ramp Up Production
Paging investors.
A while back, it was suggested that Norton Motorcycle was having a hard time keeping its head above water. Norton’s CEO Stuart Garner was quick to claim that Norton wasn’t going anywhere—and it didn’t. Nine months later and the company is still running and apparently going strong(er). Except it’s now asking help from the public to ramp things up.
Norton Stuff:
We got really excited when Norton launched the all-new Atlas 650 last year. The company that was focusing on more premium products since its 2008 revival was now ready to enter the mainstream market. The two Atlas models were introduced with a brand new engine and a much more accessible price tag (for Norton’s standards).
It looks now like Norton could be struggling to reach its goals. The British firm is now turning to crowdfunding to actually make the 650 as mainstream as it hopes it can be. The campaign to raise £1M ($1.3M) will go up on U.K. crowdfunding platform Crowdcube. The money will be used to fulfill current orders, increase the production of the V4 and of the 650, and fund future innovations and development. While the official campaign has yet to go live, people can already “register their interest in owning part of the brand” online.
The campaign will be open to investors worldwide to “give global customers and bike enthusiasts a chance to become part of the heritage company.” The firm claims it currently has $38M in orders and has raked up $55M in cumulative sales (we suppose since 2008). There is no mention of how much actual profit came from those sales.
To be fair, a lot of money was invested back into the company for R&D and facility expansion—in comparison, a million GPB looks like an insignificant amount. If you believe in British nostalgia and want to play a little part in Norton hopefully becoming a more accessible brand, this will be your chance to contribute.
Sources: Crowdfund Insider, Business Live
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