E-bike technology start-up Swytch is celebrating its first year with an investment injection of £795,000.
It has generated nearly £1 million in revenue to date, exceeding its crowdfunding target by 500% in 2017.
The technology has the ability to "transform any bike into an e-bike, and back again, in seconds", offering a "convenient and practical innovation with the power to revolutionise how cyclists think about electric cycling".
The standard Swytch Kit consists of a lightweight front wheel with a compact electric hub motor built in and a removable power pack via the Swytch Quick Connect handlebar bracket.
The pack contains a lightweight battery, control electronics, user display, front bike light and a USB output to charge other devices. The power unit connects automatically when it is clipped on, and with the power pack removed, the additional Swytch components add less than two kilograms to the bike.
Inventor Oliver Montague said: “Swytch is a completely unique product that is the result of four years of engineering innovation. We worked closely with our crowdfunding customers to develop a technology that is fit for purpose for both novice riders as well as cycling enthusiasts.
“This latest investment allows us to continue to innovate and develop new technologies. We see the Swytch e-bike kit as the first in a really exciting pipeline of new product developments that we will be releasing over the next few years, totally transforming the way people think of transport and how to get from A to B.”
Swytch’s recent round of investment has been gathered from a number of parties including the Startup Funding Club, Angels Den Funding, the London Co-Investment Fund, and Green Angel Syndicate (GAS).
James Heath, GAS board of advisors member, said: “Green Angel Syndicate was immediately attracted to the Swytch team and their excellent technology. This is exactly the sort of business which the world needs: it encourages mobility, reduces pollution, and uses fewer resources than cars or traditional e-bikes."