Cleveland-based electric motorcycle manufacturer Land Moto is taking strides as it has just announced that it has exceeded its Series A funding target. The company has raised $7 million as of September, 2023, exceeding its initial goal by more than $1 million. On top of that, the company is launching a convertible note amounting to $15 million for even further expansion.
While a good number of small-capacity electric motorcycles we see on the road are manufactured by Chinese brands, Land Moto is adamant on changing this. It’s one of the few electric motorcycle manufacturers focusing on US production, all the way from the bikes’ design phase to its final assembly. In order to do this, Land Moto upgraded its 30,000 square-foot production facility with a modern assembly line. The brand’s design and development center was also given a refresh. Furthermore, the company doubled its production team and welcomed Tim Leedom as the chief revenue officer and Chris Davis as the head of production.
The highly successful Series A funding campaign was led by Ancora, and raked in investments from prominent players. According to Scott Colosimo, CEO and founder of Land, the funding will greatly help the company achieve its business and production goals. In a press release, he stated, “Land has continuously hit our business and production goals, and this ability to execute has resonated with our investor community. We have opened our $15 million convertible note round to scale up production and expand globally.”
Given the bumped up factory and fresh capital injection, Colosimo also explained that Land intends to expand its electric vehicle lineup in fall. At present, the District is Land’s flagship electric motorcycle. The District, as we’ve talked about in the past, is a sleek and minimalist electric motorcycle with compact dimensions and impressive technology.
Carrying a price tag of $8,000 USD, it’s quite an impressive piece of kit. It features a mid-mounted electric motor sending power to the rear wheels via a chain drive. It has a continuous power rating of 11.5 kilowatts, and a peak output of 17 kilowatts, or about 22.7 horsepower. It has three speed settings for you to choose from. Battery technology-wise, the battery pack, known as “CORE,” offers up to 120 miles of range on a single charge, thanks to its 5.5 kilowatt-hour capacity.
Ancora’s chairman and CEO, Fred DiSanto, showed his support for Land’s goals of becoming a prominent player in the EV space. “We are thrilled to take the wheel and provide our backing to a Northeast Ohio company that is driving energy independence forward. LAND’s successful second financing round, oversubscribed and with tremendous momentum, is now complemented by the launch of a $15M convertible note, propelling their growth even further,” he stated. Land Moto has its sights set on international expansion in the near future.