U.S.-based e-bike maker Life Electric Vehicles Inc. is expecting to secure $20 million in equity financing.

Life Electric Vehicles Inc., which submitted form D for equity financing, said that the minimum investment for the offering is at $1000.

The fundraising, with about $19.6 million more, is not closed yet.

Investments are expected come from venture capital firms, funds and angels, leasing firms and venture lenders.