The e-bike conversion brand Swytch has raised £3.8 million in its latest funding round.
Based in London, and founded in 2017, Swytch is an innovator in DIY battery and motor kits that can convert almost any bike into an electric-assisted machine.
After raising $500,000 through and Indiegogo campaign in 2017, Swytch went on to sell over 3,000 e-bike kits in more than 45 countries the following year.
In the latest development in the Swytch story, the brand has now raised £3.8 million in an oversubscribed funding round, having set a target of £750,000.
The cash raised will be used to fund the launch of a new innovation, the world’s first pocket-sized e-bike battery.
Funding was secured with the help of the Wealth Club, a UK-based investment service.
CEO and founder of the Wealth Club, Alex Davies said: “Swytch has already taken an admirable 5% of the e-bike market in the UK, based on 9,000 unit sales to the UK market alone in 2020, which is an incredibly achievement and something that our clients have been keen to become a part of. The company has achieved considerable success in a short period of time, and with relatively limited investment to date and it is also profitable which is unusual for EIS backed companies at this stage. The product’s eco-credentials, engineering USPs and strong digital and brand marketing have been key factors to the success, and we are very excited to see how well the pocket kit goes down with cyclists.”
The founders of Swytch are hoping to grow the business to reach just under £100 million of sales within five years.
Swytch became profitable in 2021, and has now sold over 40,000 units.
The official launch for the new Swytch kit has not yet been confirmed, but it is expected to arrive in May.