Business

Partnerships, acquisitions and investment news throughout the cycling industry

OnBuy named ‘UK’s fastest-growing company’ by SimilarWeb report

An online marketplace has been crowned the “fastest-growing company in the UK” by an independent report. SimilarWeb’s April report shows OnBuy.com, having seen over three million monthly visitors in April alone, ranking as the fastest-growing company in the UK when considering companies with more than 250,000 monthly visitors. In addition, …

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VanMoof attracts £11 million investment from Balderton and SINBON

VanMoof has announced a total €12.5 million (£11 million) investment from venture capital firm Balderton Capital and assembly partner SINBON Electronics. The funds will support the brand’s international expansion as it scales up to meet increased demand. The investment follows the launch of the new electric VanMoof S3 and X3 …

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eBay extends free ‘online shop window’ offer for new small businesses

eBay has extended its offer of a ‘free online shop window’ for new businesses joining the platform for a further two months. It means that eBay will continue to waive fees to list or sell for new business joining eBay UK until 31st July 2020 or for 90 days after …

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Swytch “inundated” with order requests for e-bike kit

Swytch Technology has said it has been “inundated” with order requests for its e-bike conversion kit, following the UK Government urging people to cycle. The waiting list to order a Swytch kit now exceeds 100,000 people and production has had to be increased to meet the growing demand, the company …

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LEVA-EU says ‘blanket’ EU regulation ‘choking’ LEV sector

LEVA-EU is calling for an “urgent” change in EU regulations it says are “seriously hindering manufacturers”. The advocacy group said the issue has been brought into focus as a result of the COVID-19 pandemic, with cities across Europe encouraging use of more light, electric vehicles (LEV), such as e-bikes, as …

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Lime acquires Jump’s business operations, secures additional financing

Uber is leading a $170 million investment round in Lime with participation from Alphabet, Bain Capital Ventures, GV and other investors. As part of the investment, Lime has acquired Jump’s business operations and will further expand its mobile app integration with Uber. In addition, the company has promoted Wayne Ting …

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Halfords offers to check more than seven million neglected bikes for free

Halfords is today launching a nationwide initiative aimed at the seven million British adults who have bicycles ‘languishing’ in sheds and garages. The ‘Get Back On A Bike’ campaign is designed to encourage these cyclists to consider cycling when they return to work. Halfords stands ready to perform a free …

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Dorel Sports reports fourth consecutive quarter of revenue growth

Dorel Sports has reported its fourth consecutive quarter of revenue growth in the first quarter of 2020 at $188.2 million, an increase of $3.6 million, or 2.0%, compared to a year ago. Sales improvements were at Cycling Sports Group (CSG) and Pacific Cycle (PCG), partially offset by weakness at Caloi. …

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Cycling tech start-up Body Rocket raises over £255,000 in crowdfunding

Body Rocket has successfully raised £255,424 in its first investment round on Crowdcube. The Brighton-based sports tech start-up set out looking to raise a minimum of £80,000 but surpassed this figure in just 24 hours on Crowdcube, following input from private investors. The team, who’ve developed the “world’s first” Direct Force …

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Hotlines offering top tier pricing on Fuji to support dealers

Hotlines is now offering top tier pricing on Fuji to support its dealers. The distributor has seen a “huge demand” for bicycles during recent weeks and dealers are now reporting difficulties in getting stock as the sun continues to shine and popular models run dry. To support its customers, Hotlines …

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