havebike has launched its first round of public investment as it begins expansion across the UK.
The London-based business is inviting the cycling community and the wider public to join it on its journey, seeking upwards of £500,000, having already raised over 80% of the target amount.
With a pre-investment valuation of £6.5 million, havebike is expanding its national footprint and progressing the business in several facets, including mobile servicing. From a budgeted £1.8 million revenue this financial year, havebike believes this round of investment can help grow revenues to £10 million by 2023.
With cycling seen as a vital tool to help turn the tide on climate change through sustainable transport, and bikes keeping millions of people fit and healthy as a sport or leisure activity, havebike is upscaling to cater to the high demand for bicycle service and repairs. Already established across London and the home counties, the business will open workshops in major cities across the UK, aiming to have several in operation by 2023.
To support its physical presence, it will launch ‘havebike at home’, with a fleet of mobile repair vans catering to businesses and customers where it’s not feasible for their bikes to be serviced at a physical workshop.
havebike founder and CEO Nick Brown said: “havebike was created as a solution to the dread people feel when their bike has suffered a mechanical problem. We want to remove the hassle, inconvenience and uncertainty of bike repairs so that people can get back to turning their pedals as soon as possible.
“We are an ambitious company with plans to be cycling’s equivalent of Kwik-Fit, and I know that our technology, industry expertise and scalable model will allow us to be successful.
“The UK cycling market was recently valued at £2 billion with around 2.5 million bicycles sold at a value of £940 million, and a similar level of spend seen on service and repair.
“Factoring in the recent cycling boom, the incoming green recovery from COVID-19 and the fact that 42% of people in the UK have access to a bicycle, the true potential of the service and repair market is potentially worth over £1 billion. This is the perfect time and opportunity for those looking to invest in a standout company within the cycling market.”
Read the May issue of BikeBiz below: