ElliptiGO Sets Equity Crowdfunding Record
ElliptiGO Inc., creator of the world’s first elliptical bicycle, announced today that 610 investors committed $1,281,378 in their Regulation Crowdfunding offering through StartEngine.com. The offering closed in only 59 days and is one of the top 10 most successful Regulation Crowdfund offerings in history. The offering also set a new record for the highest average investment amount in a fully-subscribed Regulation Crowdfunding offering, becoming the first such offering to average more than $2,000 per investment.
“We are thrilled with how well our Regulation Crowdfunding offering was received. This is the first time we’ve done anything related to crowdfunding, so it was really exciting to see the response from our current and future customers around the world,” said Bryan Pate, CEO of ElliptiGO. “I think the successful launch of the ElliptiGO Arc in 2015, combined with record revenue and unit sales in 2016, really helped this offering exceed our expectations. We intend to use these funds to help us achieve our goal of growing 35% year over year in 2017.”
ElliptiGO is the San Diego-based company that created the world’s first elliptical bicycle to deliver a fun, comfortable and effective workout experience that inspires people, improves their lives and revolutionizes fitness. Combining the best of running, cycling and the elliptical trainer, ElliptiGO bikes provide a strong cardiovascular workout that eliminates impact on joints and allows people to get out of the gym and enjoy the outdoors. Elliptical cycling is an effective way to build fitness without aggravating injuries, and it is great for everyone from the health-conscious to the elite athlete. The full line of ElliptiGO bikes is distributed through specialty running, cycling and fitness retailers nationwide and through http://www.elliptigo.com/