In 2016, a company called Mate bikes struck a chord with urban commuters and ended up shipping more than 7,000 folding ebikes to customers that backed its crowdfunding efforts. In July, Mate launched another Indiegogo campaign to raise funds for its next-generation model, which promises to deliver impressive performance at a price that makes electric bikes more approachable to mainstream riders.

The new Mate X ebike comes in three different variations — the 250, 250+, and the 750. The first two versions each feature a 250-watt motor that allows them to hit speeds of as much as 15.5 mph. The main difference between the Mate X 250 and 250+ is in the size of their default battery pack. While the 250 model comes with an 11 amp-hour battery, the 250+ ships with a 14 amp-hour power cell instead. The result is an increased range, taking the bike from a modest 35 miles all the way up to an impressive 55 miles of distance between charges.

The Mate X 750 shares many of the same components as its two siblings, but comes equipped with a 750-watt motor instead. This allows it to reach speeds of more than 2o mph with a range of as much as 55 miles. Both the Mate X 750 and 250+ ship with a fast charger to speed recharge times and decrease downtime as well.

All three models share a set of common features, including a built-in cycling computer for taking distance, battery life, and speed. The bikes also come with disc brakes, an adjustable suspension, an integrated smartphone holder, a USB charging port, and a Shimano 8-speed cassette gear system. The Mate X is also equipped with puncture-resistant all-terrain tires, an aluminum frame, and the option to add a variety of accessories, including fenders, a rear-mounted cargo rack, and an integrated thumb throttle.

As with the original Mate bike, the Mate X has been designed to fold down to a surprisingly small size, making it easier to transport and store. The one caveat to this is that the bike weighs in at more than 62 pounds, which is heavy even by ebike standards. That could make it more challenging to lug around, potentially canceling some of the benefits that come with the folding design.

Despite its excess weight however, the Mate X is already a runaway success on Indiegogo. With less than a week to go in its crowdfunding campaign, the bike has raised more than $2.4 million, easily surpassing its $50,000 goal. That means the ebike is expected to ship later this year with the Mate X 250 selling for $2,199, while the 250+ and 750 will be priced at $2,399 and $2,699, respectively. All three are still on sale for early bird supporters with prices ranging from $799 to $999. That’s a substantial saving over the actual retail price of course, but as with other crowdfunding campaigns, backers are encouraged to invest with caution.