An engineering start-up which aims to create electric versions of classic cars and has a presence in both the South West and the Midlands has completed a Series I fundraise.
Piper Electric Vehicles (PEV) will reimagine, design and produce new cars rather than retro-fit or convert existing combustion engine classic cars to electric vehicles. Its first platform vehicle is a newly imagined version of the Austin Healey Sprite.
The business is led by Mark Hall, chief executive, and John Piper, chief technology officer. Both have more than 30 years’ experience in automotive design, engineering, strategy, sales and marketing across the globe.
The funds raised have already been spent on the production of a working prototype, production is due to commence in the second quarter of 2023.
Piper will shortly be raising a small ‘top-up’ round of £500,000, which will be the final amount necessary for production and all future requirements.
Debrett’s Private Finance (DPF) advised the company on the fundraise.
Hall said: “Thank you to DPF. Good job on securing the investment we require so swiftly.
“We are now in proper growth mode, and I couldn’t be prouder of the business we are building.”
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