bikeZaar, the online marketplace platform for cyclists and triathletes, has secured angel investment, reflecting its ‘ambition and commitment to expand’.
Born from a desire to integrate both digital and face-to-face service in a technical market, bikeZaar utilises technology to “connect supply and demand more precisely, speedily and easily than ever before”.
Consisting of a community of high street bike shops, brands and service providers, the platform aggregates offline supply; inventory held in supplier warehouses and in retail stores, making it available for customers to find, compare and buy online with a choice of delivery or collection in a local bike shop.
The investment round was led by Gareth Mobley, formerly the founder and CEO of Solidor and DW3, and now the owner of early-stage investment company My Clever Group. Jonny Brownlee and Alistair Brownlee MBE also participated in the investment round and have an equity share in the business. Alistair Brownlee and Mobley will join the board as non-executive directors.
“bikeZaar is a highly innovative company with an advanced, globally scalable, leading edge online marketplace platform,” said Mobley. “When you consider that the world’s top firms measured by market capitalisation, all run platform business models – Apple, Amazon, Google and Microsoft, bikeZaar has huge growth potential. Retailers of any size now have the opportunity to participate and take a share of the growing online market.”
Alistair Brownlee added: “bikeZaar empowers local bike shops, giving them the technological tools to transition from high-street based sales to embracing e-commerce, rather than suffering from it. The business provides owners with the digital skills needed to give them the confidence to transition and transact within an online e-commerce community, empowering them to compete with national and global brands on a more even playing field.”
bikeZaar founder Kevin Griffiths said: “We are delighted to receive this investment and are very grateful to Alistair and Jonny Brownlee for their support. bikeZaar is all about collaboration and we feel we’ve connected with experts who share our ethos and want to support local retailers by combining tradition and technology.
“Thanks to companies like Amazon, Airbnb and Uber, we’re seeing a revolution in e-commerce. Within three years it is predicted that 40% of all e-commerce will be via a marketplace due to an easy purchasing experience on the consumer side and cost-savings through economies of scale for retailers. With this investment, we can scale this model and make bikeZaar a truly global enterprise that reinvigorates high streets around the world.”