Cycle Exchange secures £2.4m from Beringea to fund nationwide expansion
Beringea backs premium bike resale platform Cycle Exchange with a £2.4m injection.
Cycle Exchange operates a resale and refurbishment platform for premium pre-owned bicycles in the United Kingdom. The company provides online and physical retail channels for buying, selling, and exchanging high-end cycling equipment.
Cycle Exchange has secured £2.4m in funding from transatlantic venture capital investor Beringea to accelerate its domestic expansion. The capital will be deployed to scale the company presence across the UK, expand refurbishment and servicing operations, and upgrade its technology platforms.
Founded by Matt Connelley, the platform addresses growing consumer demand for affordable high-spec bikes by offering expert refurbishment and transparent pricing. Beringea brings notable experience in circular economy investments, having previously backed platforms such as MPB and Watchfinder.
The transaction positions Cycle Exchange to capture further market share in a buoyant domestic cycling sector, supported by established partnerships with major brands.
From the founder
"We have spent years building the expertise, systems, and processes required to operate a high-quality pre-owned platform. This investment from Beringea will enable us to take the next step – expanding our operations, improving our customer experience, and strengthening our technology. We look forward to working with Kiu and the team to scale Cycle Exchange and further develop our trusted position within the cycling community."
Matt Connelley
CEO at Cycle Exchange
Investor perspective
"Cycle Exchange has quickly risen to be the UK’s leading resale platform for high-end bikes, driven by an uncompromising approach to ensuring bikes are refurbished to like new condition. This is reflected in their exceptional customer reviews and their partnerships with iconic brands such as Pinarello, Brompton, and British Cycling."
Kiu Kim
Investment Director, Beringea
Use of funds
- 01Expand into international markets
- 02Scale operations
- 03Build out infrastructure
- 04Continue product development
Investors
Categories
About the company
Cycle Exchange
Cycle Exchange runs a leading resale platform for premium pre-owned bikes.