An Alnwick company is hoping to raise £200,000 to design and build three-wheeled sports cars.
Castle Three Motor Company was set up last month by Brad Foy, of Hazen near Guyzance, to make the vehicles for both the recreational motorist and motorsport enthusiast.
And its bid to crowd-funding website Crowdcube has been accepted to help raise cash for the business.
Crowd-funding allows private investors to invest directly into companies, investing as little as £100.
Crowdcube is the UK’s leading crowd-funding portal and was chosen by Castle Three because the Crowdcube system allows investors to hold the shares in the company they invest in directly and not via a nominee.
Castle Three expects many of its investors to be motor enthusiasts and wants to encourage feedback from its shareholders as it finalises development of its vehicles.
Mr Hoy said: “I am a motorcar enthusiast and I have driven this type of vehicle competitively.
“I was never too impressed so I thought I would join them.”
He is working with a design team based in Cramlington and a car designer from Beadnell who is studying at Northumbria University.
“It is hoped that we will become an established company with 20 to 30 people creating sports cars,” Mr Hoy added.
“We are scheduled to launch on the market towards the end of next year with a view to physically building cars at the end of 2014 or the beginning of 2015.
“As much as possible, we want to use local suppliers and we know there are people around with the skills set that we need.
“We are very keen to tap into the engineering expertise that is alive in the North East.”
The business will see the return of a brand from 1919, when The Castle Motor Company produced three-wheeled motor vehicles into the 1920s.
The present-day Castle Three is developing new three-wheeled vehicles and hoping to attract both recreational and motorsport customers.
The company is looking at business premises in Alnwick.