Buzzbike raises £1.7m in seed funding to scale its bike subscription platform.
The funding round includes backing from the UK Government and leAD Sports Accelerator.
Buzzbike operates a bike subscription platform that provides cycles for individual commuters and corporate partners. The company partners with brands to offer flexible cycling schemes for employees.
London-based bike subscription platform Buzzbike has secured £1.7m in a seed funding round from investors including the UK Government and leAD Sports Accelerator. The capital follows a surge in demand for urban cycling during the pandemic and will support technology upgrades and team expansion.
The firm experienced a significant rise in sales between February and May, prompting fresh investment to scale operations. Additional participants in the round include Cooper and early-stage backer Paddy Byng.
Buzzbike provides accessible cycling options for city residents and corporate clients such as Spotify. The latest injection of funds aims to position the company to meet heightened interest in sustainable urban transport.
From the founder
"COVID is driving seismic shifts in the way people move around cities. As Londoners look forward to a new way of living and working, there’s an opportunity to change our daily lives to be healthier and more sustainable. This is where Buzzbike can help. For key workers in the city, cycling has proved a safe way of getting round, and we gave free bikes to NHS staff at the start of the crisis."
Tom Hares
CEO at Buzzbike
Investor perspective
"At leAD, we support outstanding startups like Buzzbike in the honor of my grandfather, Adi Dassler. We are proud to have invested in this team and we are excited to see Buzzbike’s development. In these challenging times, they have the opportunity and the right product to encourage city commuters to adopt a new lifestyle – healthier and more active. And we are here to help them achieve this ambitious goal."
Horst Bente
Co-founder, leAD Sports Accelerator
Use of funds
- 01Continue product development
- 02Grow the team
- 03Build out infrastructure
Investors
Categories
About the company
Buzzbike
London-based bike subscription platform offering commuter cycles and corporate schemes.