Spoon Group raises £740k from FSE Group to build its first custom performance e-bike.
The funding follows an earlier private round and values the custom bicycle maker at £3.7m.
British custom bicycle manufacturer crafting bespoke road and gravel machines designed for individual performance.
Spoon Group has secured £740k in a funding round featuring matched funding from institutional investor FSE Group through its Enterprise M3 initiative, following an earlier £300k private raise. The transaction values the business at £3.7m.
The company will direct the capital towards expanding its team, enhancing customer service, and developing its portfolio of road and gravel bicycles. Plans are also in place to launch a new performance e-bike in 2023 and grow international distribution.
FSE Group has maintained a relationship with the business since 2016, joining this latest round to support ongoing product development and commercial scaling.
From the founder
"Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands. This new funding will help us shift more people away from mass-produced equipment in favour of a better bike with perfect fit, fabrication, and finishing designed for individual performance needs."
Andy Carr
Chief Executive Officer at Spoon Group
Investor perspective
"We were impressed by Spoon’s track record and the expertise of the senior management team and investors. The fund has supported the business since 2016, and it is encouraging to see the growth of the business with great products that are receiving increasing recognition. We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris, and the team to ensure they reach their goals for growth."
Paul Lyristis
Investment Manager, FSE Group
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
Investors
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About the company
Spoon Group
Spoon Group designs and manufactures bespoke custom bicycles for individual cyclists.