Pavegen crowdfunding raises almost £2m
13 July 2015
Loughborough University graduate company Pavegen has smashed its crowdfunding venture by raising nearly £2m from online investors.
The clean-tech start up that generates electricity from footfall launched a six week campaign in the heart of the Canary Wharf district. Commuters and members of the public saw how a ten-tile installation could power two streetlights.
Pavegen, which was created by Loughborough University Design School graduate Laurence Kemball–Cook, reached its £750,000 target in just 59 hours of launching the crowdfunding venture and went on to raise £1.92m from 1,500 online investors.
This investment will bring Pavegen a step closer towards commercialisation of the technology, enabling mass production and reducing the cost of the tiles to equate to standard flooring.
As well as its crowdfunding success, the graduate company has announced that Jeff Martin, an ex-Apple executive and current CEO and Founder of Tribal Planet Inc, will join the Pavegen advisory board.
Jeff will be involved in building out the technology, ensuring Pavegen is one of the core components within smart cities of the future and other digital infrastructure. He will also be working alongside Pavegen in future key markets, including the Middle East and across the USA.
To find out more about Pavegen, click here.