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 Drag Measurement to give real-time, on-bike feedback to the rider, was looking to raise capital to take its current prototype device to MVP stage. This progress will enable testing with professional cyclists and triathletes, with whom there has been a lot of early interest with several testing days already lined up for when lockdown restrictions are lifted.
As well as attracting hundreds of investors, Body Rocket also made several other developments. The first of these was partnering with premium multi-day cycling holiday and event agency HotChillee to provide top investors with an aero-training weekend in Girona together with the Body Rocket team. Multiple national time trial champion, former Commonwealth Games athlete and aerodynamics expert Michael Hutchinson also joined the board of advisors, while there was interest from individual Olympic athletes and WorldTour professionals too.
Eric DeGolier, Body Rocket CEO and co-founder, said: “We’re blown away by the support we’ve had during this campaign. It’s gone beyond just raising funds and has introduced us to people with expertise in all aspects of the business that are excited and want to help us make a great product. The enthusiasm and engagement we’ve had from riders and triathletes of all levels speaks for itself in what Body Rocket can do and how it will change the industry. To confirm that belief from the wider community really gives us the drive to keep forging ahead and developing our MVP and final devices.”
The capital raised will not only help develop the next stages of Body Rocket’s product, but it will also enable the company to deliver testing for a range of WorldTour cycling teams, professional triathletes and Olympic track cyclists later this year. As well as this, the team will be able to build and deliver an effective marketing strategy to help take the product to market.