Business

Partnerships, acquisitions and investment news

Scottish e-bike innovator FreeFlow Technologies secures £1.85 million funding

Scottish e-bike innovator FreeFlow Technologies (FFT) has secured £1.85 million in a funding round. The investment will support a move to a new headquarters and R&D facility in East Kilbride and further strengthen the team with senior technical positions and assembly engineers recruited. “FFT’s ‘novel’ patented e-bike transmission system is …

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MET Police issues open letter to retailers on responsible sale of e-scooters

The Metropolitan Police, alongside its partners at the Mayor’s Office for London, has issued an open letter to retailers on the responsible sale of e-scooters. Privately owned e-scooters remain illegal on roads and in public places in the UK, but the letter says many customers may not be aware of …

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E-bike startup raises £750,000 in seed funding to accelerate growth

British e-bike manufacturer FuroSystems has raised £750,000 in seed funding, with participation by TSP Ventures, ClearlySo and a number of angel investors. The company, which creates high-end electric bikes and electric scooters, has seen demand surge since the COVID-19 lockdown from an already high growth rate, with year-on-year sales up …

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Lime sees first profitable quarter, launches Gen4 scooter

Lime has become the ‘first’ new mobility company to reach cash-flow positive for a full quarter. It has also reached EBIT positive at the company level over the summer and is ‘on track’ to be profitable as a company for all of 2021. “This is a major step forward, not …

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Halfords reports e-mobility growth of 184% in latest interim results

Halfords has reported strong cycling revenue growth through H1, finishing at 54.4% LFL, with e-mobility at 184%. The retailer saw group revenue growth of 9.6% and profit before tax of £56 million, it announced in its interim results for the 26 weeks to 2nd October. Online sales grew by 148% …

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Knaap Bikes sees “rapid acceleration” in UK market

Knaap Bikes has “rapidly accelerated” its partner dealers across the UK, passing 75 in seven weeks. The brand starting out of Amsterdam at the very beginning of the global lockdown, at first focusing on the local market. Its two-seater 140km range e-bikes come in matt black or space grey. The …

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Delfast launches crowdfunding campaign to construct e-bike R&D centre

Delfast has launched a crowdfunding campaign on Fundable with the goal to raise $3 million. The Fundable campaign plan is to construct an e-bike R&D centre to accommodate the rising demand and fulfil the requests Delfast has already received. The company experienced a 405% increase in sales in Q2, when …

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Gazelle to accelerate e-bike sales development in UK with three new appointments

Royal Dutch Gazelle is accelerating its e-bike sales development in the UK with three new account managers. The account managers are Mike Isaac, South, Andrew Nicolson, Midlands, and David Sharp, North. They will all be working together on building a ‘high-quality’ distribution network for the Gazelle e-bike brand in the …

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Tier completes $250 million Series C funding round led by SoftBank Vision Fund 2

Tier has announced the completion of a $250 million Series C funding round led by SoftBank Vision Fund 2. Existing investors, including Mubadala Investment Company’s financial investment arm, Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global, also participated in the round. The focus of this new …

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HumanForest launches £1 million crowdfunding campaign to roll out more e-bikes

HumanForest has launched a £1 million crowdfunding campaign with Crowdcube, following a trial in Islington and Camden and a seed investment round of £1.8 million. Capital raised through the campaign will be used to buy more e-bikes, allowing the company to open in ten London boroughs next spring with 1,000 …

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