Buzzbike, a new cycle scheme set up to offer free bikes to members, powered by brands, has raised £410,000 on Crowdcube for 28.08% equity.
The tech-driven cycle scheme for London will see Buzzbike members offered high quality single speed bikes made by the inventors of the iconic Mini. Riders do not pay for anything but gain 24/7 use of a beautiful single speed bike along with accessories, insurance and servicing.
Buzzbike co-founder Tom Hares, who formerly worked as head of Apple’s advertising agency, Media Arts lab, said: “We’re delighted to have raised over £400,000 on Crowdcube, beating our original target. We’ve had investments from an amazing range of people from influential and high profile members of the advertising industry to our own rider community. We can't wait to see the first bikes hit the road this Autumn’
He added: “The increasing congestion and pollution in London paired with the rise of cycling in London made this an exciting and viable business opportunity. Brands are under more and more pressure to engage customers in new and meaningful ways and bikes represent a significant gap in the £1bn UK outdoor advertising market, not just in London but globally.”
He continued: “We believe we have developed a new type of cycle scheme that will not just give people the opportunity to ride a beautiful bike, but also incentivise and reward them for using it often.”
Brands support the scheme with Buzzbike’s striking, fully-branded bikes becoming the platform for the brand’s campaign and its messages in targeted areas of the city (riders are signed up using their home and work postcodes). An app for Buzzbike members creates targeted rewards for the rider and a deeper connection with the advertiser.
The scheme will roll out in Autumn 2016, with its first partner Braintree, a mobile and online payments company; Uber, Airbnb, and Hungryhouse, as well as thousands of other merchants, use Braintree in 46 countries. Buzzbike will use the £400,000 to expand the number of bikes available in the scheme and further develop its app ahead of a full London rollout in Spring 2017