BikeBiz Bicycle and cycling retail news
The Herne Hill Velodrome has received a new investment from The Rapha Foundation.
This investment represents part of the second round of funding announced by The Rapha Foundation. Four grassroots cycling organisations in the UK and Europe are set to benefit from the funding, totalling $750,000 in support.
The Rayner Foundation (formerly the Dave Rayner Fund) and Helen100 also join the Cyclists’ Alliance in taking a share of the latest round of 2019 grants, which are awarded to support local cycling initiatives. They received their grants this winter, joining five inaugural US-based beneficiaries which received the first round of funding in the spring of 2019.
Simon Mottram, Rapha founder and CEO, said: “I am extremely proud to announce the next group of organisations who will get funding from the Rapha Foundation, this time close to home.
“When we first discussed the Rapha Foundation helping young and disadvantaged riders getting into racing, it was organisations like The Rayner Foundation and the amazing work of Helen Wyman that we had in mind. Herne Hill is an iconic facility for those of us who live in London and we are excited to help them reach more of their local community.”
“Herne Hill Velodrome is tremendously grateful to The Rapha Foundation for this investment,” said Tim McInnes, chair of the Herne Hill Velodrome. “It makes a massive difference to what we do at Herne Hill, allowing us to reach out into our local community and improve our facilities, to show people that cycling really is an accessible, fun and rewarding sport, whatever their reason for getting onto a bike.”
The Rapha Foundation has been made possible by Steuart Walton and Tom Walton, Rapha shareholders, along with Simon Mottram, the founder and CEO of Rapha. Steuart Walton and Tom Walton provided seed funding for the Rapha Foundation, distributing overall $1.5 million in 2019.
