Case study - eFOLDi raised £2.5m from Guinness Asset Management

Sumi Wang is the founder and CEO of SunTech UK - a specialist company that invents, designs and manufactures innovative products to enable mobility for the elderly and disabled. One of the first products Sumi brought to life was the eFOLDi scooter, which folds up in order for it to be easily transported, enabling improved mobility for those who may struggle with accessibility issues.

Sumi worked with PwC Raise | Ventures, and together they were able to secure investment of £2.5m from Guinness Asset Management.

Sumi Wang, SunTech

How did you find out about PwC Raise, and did you expect PwC to be working in the sector?

I received a call from the team out of the blue, which was surprising - I hadn’t considered going through institutional investment so it was great to hear from the team and assess my options. I was also not aware that PwC worked with early-stage companies such as mine, so I was very surprised to have been contacted in the first place.

What were you expecting from your engagement?

The process was explained by the team very well - and the level of engagement from them really exceeded my expectations. The support in getting my business investor-ready, and then facilitating investor outreach was really powerful.

Furthermore, the support on negotiating term sheets was invaluable - we had no prior experience with institutional investors, so the support from the team at all times of the day really helped us achieve a great result for eFOLDi!

How did the PwC Raise team help you and your business?

The main area I was surprised by was the depth and quality of the investor network. As a hardware business, I wasn’t sure they would have the strength and depth of the contacts required, however we were able to secure serious interest from a high number of investors.

What was the end result for your business?

We confirmed funding in April 2020, which was great as it has allowed me to accelerate my growth plans for the business. Furthermore, having institutional investors on board during the initial months of the Coronavirus pandemic really helped - they really supported the business, guiding us through some testing times.

Would you recommend PwC Raise to others in your network?

I would most definitely recommend PwC Raise | Ventures - I already have to people in my network and will continue to do so!

How would you like to develop your future relationship with PwC Raise?

This has been the perfect springboard for a wider relationship with PwC. I will definitely look to work with them again, especially considering their expertise around the implications of growth on a business as well as looking towards future exit strategies.

Any other comments on PwC or PwC Raise?

It was a great experience from start to finish. I am so glad I took the initial phone call from the team - it really was the springboard for securing investment for my business and achieving our strategic goals.

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