Riversimple has completed its latest funding round of £1.5m.
Visited by HRH The Prince of Wales earlier this month, Riversimple has secured a £580,000 investment from Angels Invest Wales with a syndicate of Welsh business angels led by lead investor Andrew Diplock. Match funding of £250,000 will be provided by the Wales Angel Co-investment Fund, managed by the Development Bank of Wales. The crowd funding is now overfunded and has achieved advanced approval from HMRC for the Enterprise Investment Scheme, giving tax incentives for qualifying investors.
As a leading sustainable vehicle manufacturer, Riversimple will use the funds raised to build additional vehicles for its customer trials which began earlier this year in Abergavenny.
Gambit Corporate Finance LLP has been appointed as lead financial adviser to Riversimple on its £180m funding round, which will enable the company to commence mass production of its hydrogen-powered Rasa and last mile delivery van.