17 Mar 2010

Supercar maker seeks investors

7:42 am on 17 March 2010

The makers of the Hulme CanAm supercar are seeking to raise up to $7.5 million from the public, to build a limited production supercar to sell worldwide.

The supercar is named in honour of New Zealand's Formula One World champion, Denny Hulme, and has been designed for both road and track use.

Hulme Supercars managing director Jock Freemantle says the company is turning to its fans for cash, because it has been too difficult to raise money from banks in the current market.

The company hopes to raise between $2 million and $7.5 million, and the success of the fundraising will determine how much of the project is completed.

Mr Freemantle says the car is the first of an exclusive series planned to be built by Hulme over the next few years.

The invitation to invest is open only to New Zealanders, who can put in as little as one thousand dollars.

The offer document was to be available on Wednesday.