An Irish-founded electric bicycle company is seeking a €400,000 investment in a bid to reach a sales goal of up to €14 million next year. He said the company has an “optimistic target” of 5,000 bike sales next year at a cost of €2,800 each. Mr O’Sullivan, his father and his brother still control about 90 per cent of the company. In addition to its consumer bikes, Modmo is seeking out a partnership with An Post to develop a better solution for cargo bikes. He has devised a solution to place docking stations in convenient locations so that the cargo bikes can refill regularly.

Source: The Irish Times December 27, 2019 16:52 UTC