It is the second venture for Mr Allen, who previously founded and ran product development and innovation company Locus Research.
After meeting Mr Neal and Mr Clyde at Fieldays, Mr Allen decided to help them bring it to life, dedicating 120 hours of time from Locus Research to help them with branding and marketing, before joining the business full-time.
Today, Mr Neal remains on the board, but Mr Clyde is no longer involved in the business.
“We’ve always been very strongly global in our outlook. We entered the US in 2017 and established a distribution set-up,” Mr Allen said.
“We started out with just off-road bikes in 2016 and went into farming, conservation and tourism, then we went on-road and got freight, postal services, and food delivery.
“We’re onto our fifth generation product now and it’s gone to a whole other level in terms of product advancement and durability. It has a 40kg pay load, plus a person. You need a decent product to withstand that.”
The bikes are designed to withstand challenging conditions, including daily use in rain, hail and shine on farms, and the long distances covered by delivery drivers.
As well as selling the electric bikes on a subscription basis, UBCO has developed a software platform to manage the fleet and is embedding artificial intelligence and sensor technology to improve the safety of the bikes and inform the next generation versions.
“Because we have a full technology stack, you can look down into an individual cell level,” Mr Allen said.
The company is on track to record between $NZ12 million and $NZ18 million of revenue this financial year. Mr Allen said he was confident it could triple its revenue each year for the next two to three years.
The company has already begun presenting to local brokers and investment banks and has shortlisted the one it plans to choose to lead the Australian component of its dual-listing.
It has also appointed EY to be its investigative accountant and auditor, to ensure the business is IPO-ready.
“A listing provides shareholders liquidity and also gives us access to capital to scale the growth of the business,” Mr Allen said.
“We want to introduce portable power to the market in the next six months, a new higher speed 2 x 2 vehicle to target postal workers and commuters, and a four-wheel platform for rural, high volume usage.”
With the $US10 million raised in the convertible note, the total size of its Series B raise if all investors convert will be around $NZ35 million, and the business is expected to raise at least that via an IPO, if not more.
“UBCO has responded to a global opportunity as the adoption of EV accelerates and customers demand more sustainable and safe transport options. The US market has huge growth potential across many applications and UBCO will become more relevant than ever,” Seven Peak Ventures managing director Dino Vendetti said.