UBCO - Utility Electric Vehicle

UBCO was founded on the idea of a Utility Electric Vehicle (UEV) that would transform the way people ride, work and play. UBCO has established an Oregon (US) based office, launched their road legal 2x2, and grown revenue to ~$3m.

Minimum investment: $1,000 NZD

Min target: $1,500,000 (9.09% equity) Max target: $2,500,000 (14.29% equity)
Ended 2019-04-30 11:00:00
237 Number of investments
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$2,482,885 Funded
237 No. of investments
$1,500,000 Min. target (9.09% equity)
$2,500,000 Max. target (14.29% equity)
Offer closed 9:00 pm, 31 Jan 2020

UBCO was founded on the idea of a Utility Electric Vehicle (UEV) that would transform the way people ride, work and play.

Since it was established in 2015, UBCO has evolved into a digitally connected UEV platform including on and off road transport (2×2), portable power, accessories, and cloud-based software.

Founded in New Zealand, UBCO can now be found in international markets including the United States and Australia. We are passionate about providing a complete solution to our customers, from an individual user to Fleet Managers, and have developed our product range to support a wide range of applications.

Our Business

UBCO develops, markets and distributes Utility Electric Vehicles (UEV) which have three connected products and services: Portable Power, Accessories and Subscription Software. We generate revenue by selling these products and services both directly and through an approved dealer network.

UBCO developed its first utility electric vehicle (UEV) the 2x2 as a platform vehicle in 2015. The focus was getting the vehicle into the widest possible range of applications, geographies, and climates to understand what really drives off road performance in an electric vehicle. Our customers have prized its lightweight, quietness, simplicity, safety and utility features.

This product platform combines UEVs with three enabling products and services: Portable Power, Accessories and Subscription Software to provide a sticky eco-system that increases lifetime customer value.

The interchangeable portable power system that can be used independently of the vehicle combined with UBCO’s SaaS overlay provides a blank canvas for a wide range of real world applications from farming and tourism to delivery, conservation, commuting and emergency services (to name a few).

A Unique Drivetrain

The drivetrains of UBCO’s 2 and 4 wheeled UEVs are engineered with a unique approach. Instead of a traditional drivetrain with chains, gears and clutches, UBCO has developed a robust hub motor, battery and control system that removes these elements, simplifying the product and making it lighter and safer.

Blue Ocean

A blue ocean opportunity exists as most of the electric vehicle investment has been focused on the on-road market, where as UBCO’s target market uses include outdoor and recreational, agriculture and commercial, and urban commuter applications.

Disruptive & Agile

UBCO has rapidly iterated its successful first product and is moving very quickly to expand. Our growing portfolio of knowledge and IP in the area of off road electric vehicles provides an ideal opportunity for strategic investors. Our products have created a new market category and are complementary and additive to leading manufacturers such as Polaris, Canam and John Deere.

A Large Opportunity

There is a fleet of 10 million Utility Vehicles in the US. Electrifying this fleet presents a significant opportunity for the brand that can successfully commercialize the platform to lead this revolution.

Market Focus

UBCO has three key markets globally: agriculture and farming; recreation and adventure; urban and metropolitan, with proven sales and adoption in agriculture and recreation. UBCO has successfully entered the New Zealand, Australian and North American markets, and will enter Europe in 2019.

UBCO’s primary focus is the North American off road recreation and commercial markets for both 2 and 4 wheel vehicles ($12.7b USD / $19.2b NZD) alongside naturally competing in the on road market ($6.21b USD / $9.4b NZD). Recreational usage includes hunting, camping, RV touring and recreational riding. Recreation is expected to be a key sector for UBCO especially in the United States, where 40% of the market is off road recreational. Commercial usage includes UBCO’s initial market of agriculture but has quickly grown to include commercial fleets for postal services, tourism, conservation, civic service operations and delivery operations.

Distribution Control

UBCO operates its own distribution, sales and marketing in the United States and New Zealand. Distributors sell to a network of UBCO-approved dealers. To date there are 91 dealers selling UBCO 2x2s and products globally. A dedicated team provide service and support to this growing dealer network.

Sticky Product Platform

UBCO has developed a sticky product ecosystem that utilizes an interchangeable power supply across all its UEV’s, providing on demand power enhanced by a SaaS overlay, giving users control and advanced ownership features.

The Ask

We are looking to raise capital with a minimum of $1.5m NZD, and a target of $2.5m NZD. An additional $2.5m is targeted over time from Funds or Family offices, with a view to providing structured assistance as we lead into a further funding round in late 2019/early 2020. The Directors may choose to offer more than $2.5m NZD in the event of reaching the initial target raise through Snowball Effect.

Use of Capital

UBCO has established a flexible business plan that enables us to scale relative total capital introduced.

UBCO's forecasts factor in additional downstream capital to drive our growth potential, ahead of growth in revenue. As a result, the business is expected to have negative EBITDA until the end of the forecast period.

Use of Shareholder Capital
Product R&D - Optimisation and Pipeline Realisation 26%
Customer Acquisition, Service and Support 24%
Production Tooling and Other Capital Expenditure 18%
Human Resources - New Head Office FTEs 16%
Other Operating Costs 10%
Global Marketing Support 6%
Total Capital Used 100%

Team Overview

Photo of TIM ALLAN


Timothy Allan has over 20 years of experience as an innovation and R&D Leader. Prior to leading UBCO, Timothy established his own product development company Locus Research and led it for 15 years. Timothy has operated across diverse industries from sporting and equipment, to construction products, medical devices and aerospace. He has advised some of New Zealand's leading companies on R&D and Innovation as well as being an active early stage investor.


Daryl has over 20 years of experience as an Industrial Designer, 10 of which have been in the field of electric transportation. Daryl has been responsible for the introduction of numerous products to the international market. He brings practical and desirable solutions born from a strong understanding of the global market needs and emerging technologies.


Tom has over 15 years of experience in leading teams in high-performance automotive environments, involving product development and technical support to faultless performance. His strengths lie in the technical aspects of product development and review and improvement using both a technical and customer-centric approach.


Vanessa Ho is an investor, and an experienced executive with an MBA from INSEAD. She has over 20 years of global general management experience having been the Chief Country Representative of supply chain consultant Ariba in China, Brand Director for watersports company NeilPryde, Senior Manager at Adidas Asia Pacific, and Director of Go-to-Market for Reebok Asia Pacific.
Photo of ROB BECK


Rob is an experienced Electronics Engineer and leader across New Zealand's high tech landscape. He has over 20 years of experience in the electronics industry, with significant experience in developing and manufacturing embedded systems across broad markets ranging from mass market consumer to the highly regulated aerospace.




Ethan is an experienced entrepreneurial executive within the technology industry. After 13 years in presidential, CEO and VP of Business Development roles at Feeney Wireless, later Inseego with Novatel Wireless, Ethan has developed a broad range of skills, with strengths in LTE, Sales, Marketing, Financial Management, IoT, Electric Vehicles, and Customer Retention.


Bob is a visionary entrepreneur with an eye for detail. A practical outdoorsman, handy contractor and an experienced utilities electrical engineer who helped establish the first electrical grid for one of the pacific islands. Bob founded Feeney Wireless and developed it into an leader in the field of IoT before exiting to Novotel Wireless in 2015.


Katherine developed her career at Trimble Inc and held leadership roles in Customer Service, Sales & Distribution, and served as General Manager across several vertically focused businesses. Over more than 20 years, she worked in Europe, the United States and New Zealand. Katherine is a professional Director, serving on several Boards as well as chairing the UBCO Board of Directors.

Warning statement

It's crucial for you to understand the characteristics and risks of this investment opportunity. New Zealand law normally requires people who offer financial products to provide in-depth information to investors before they invest. The usual rules do not apply to offers by companies through Snowball Effect. As a result, you may not be given all the information you need to make an informed decision. Investing is risky. Some of the key risks include loss of capital, illiquidity, lack of returns, dilution, loss of key people and customers, and lack of control. You should only invest money that you can afford to lose.