Children’s bike and scooter donation service Bike Club has raised £ 16.75m in a Tier B round of funding led by Circularity Capital, with funds to stimulate national and European expansion.
Bike Club has plans to move to France and Germany in the next year or two. It currently has a network of 40,000 bicycles but the new capital plans are to increase to 220,000.
The London – based company is a bike and scooter subscription service that aims to eliminate the hassle of buying new bikes and scooters for children as they get older.
“The Bike Club is on a mission to disrupt your family’s cycling, so you don’t have to buy a children’s bike again. We have seen attractions across the country using different families to get outdoors and enjoy a healthier and more active lifestyle, ”said James Symes, founder of Bike Club.
Its service allows users to choose from a variety of new or refurbished brands. When the child grows out of his current bike or scooter it can be replaced.
Bike Club offers a recycling scheme that allows you to sell your bike to them, refurbish it and then rent it out.
“The circular economy of the Bike Club means that every year we have to produce fewer bicycles. Each bike has a saving of 336kg CO2 compared to a owned bike. To date, their fleet has saved 1,174 tonnes of CO2 per ownership, ”said David Mowat, partner, Circularity Capital.
Founded in 2016 by James Symes and Alexandra Rico-Lloyd, Bike Club’s total funding to date is £ 13.25m.
Additional capital came from the former Codex Capital investor.
According to Bike Club, its circular economy means that each of its bikes saves 336kg of CO2 compared to a owned bike. Their fleet has saved a total of 1,174 tonnes of CO2.
“We have worked closely with Management, including navigating the global supply chain, and they are a much stronger and very well capitalized business today,” said co-founder Jamie Lawson-Brown Codex Capital and board member of Bike Club.
Bicycle Club Pedals towards £ 16.75m expansion
Source link Bicycle Club Pedals towards £ 16.75m expansion