Perth-based Vmoto, a manufacturer of electric scooters, is looking to raise up to $5 million from investors in Australia and the UK for purposes led by a joint venture with a Chinese controller maker.
The West Australian reports that the raising will be worth 2.2 cents per share and follows last month’s raising of $1.5 million.
Vmoto opened four stores in China in 2013, and hopes to have 10 open by the year’s end. It launched five new models in China last month, bringing the total of two-wheelers sold in that country to 11 models.
$1.3 million of the money raised will go to working capital for the JV with the Chinese partner, and the partner’s controls will be made at Vmoto’s Nanjing factory, with Vmoto also gaining exposure to the partner’s customers.