Enhanced Capital Partners' Funds Invest in Community Cars Texas Based Company to Produce Wheelchair Accessible Electric Vehicles
AUSTIN, Texas, June 3, 2013 /PRNewswire/ -- Getting vehicles that are adapted for people in wheelchairs used to require making costly and cumbersome modifications to minivans. Now, the Texas-based startup Community Cars is working to make wheelchair accessible transportation more affordable and more widely available. The company's Kenguru personal electric vehicle is an adaptation of a Hungarian design which allows people in wheelchairs to directly access the driver's area using a ramp integrated into the back of the car.
Enhanced Capital Partners provided growth capital to Community Cars back in July 2012 through its Texas Certified Capital Company (CAPCO) and Jobs for Texas funds. This investment was used to fund production of the Kenguru vehicles.
"We were first approached by Enhanced Capital after they saw some press coverage talking about what we were doing," said Stacy Zoern, CEO of Community Cars. "They immediately saw that there is a market need for better wheelchair accessible transportation and that this will have a powerful social impact. Enhanced Capital's investment will be pivotal for getting the Kenguru to market."
Community Cars recently gave a presentation to President Barack Obama during an economic policy tour to Austin and the company has been featured in the New York Times. They were also selected to the Austin Chamber of Commerce's "A List Winners" for innovative technology startups after being nominated by Enhanced Capital.
About Enhanced Capital
Enhanced Capital Partners, Inc., headquartered in New York City, is a diversified private investment firm focused on established small and mid-sized companies overlooked by traditional sources of capital due to location or size. Since 2000, Enhanced Capital's funds have financed businesses through a variety of state and federal public-private investment programs, including its federal SBIC fund. For more information, visit www.enhancedcapital.com.
This is intended for marketplace communication purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.
Marissa Wolf on behalf of Enhanced Capital
SOURCE Enhanced Capital