Swytch Technology raises £795k led by Green Angel Syndicate to fund e-bike expansion
Green Angel Syndicate led a £795k investment round valuing the e-bike conversion specialist at over £2.5m.
Share allotment filed at Companies House
London-based Swytch Technology manufactures conversion kits that transform standard bicycles into electric vehicles.
Swytch Technology has secured £795k in a funding round led by Green Angel Syndicate, with participation from Startup Funding Club, Angels Den, and the London Co-Investment Fund. The capital values the business at more than £2.5m and will support the company as it targets growth across the UK, EU, and US markets.
The London-based enterprise designs and produces conversion kits that allow consumers to retrofit existing bicycles with electric power systems. Its lightweight motor wheel and removable battery pack provide an affordable alternative to buying a dedicated electric bicycle.
Demand for electronically power-assisted cycles has risen significantly across Europe over the past decade. Swytch plans to use the fresh capital to capitalise on this expansion and broaden its market reach.
From the founder
"This investment is perfectly timed and will allow us to capitalize on the huge opportunity that we see in the electric bike market for a new entrant to bring down the cost and make eBikes accessible to all. In particular in the UK, where the majority of people still haven’t even experienced the thrill of riding an electric bike. Our vision is to be THE brand to introduce electric bikes to the mass-market in the UK, EU and USA, so that they become a way of life for many people and contribute to reducing our reliance on fossil fuels."
Oliver Montague
CEO and co-founder at Swytch Technology
Investor perspective
"Green Angel Syndicate was immediately attracted to the Swytch team and their excellent technology. This is exactly the sort of business which the world needs: it encourages mobility, reduces pollution, anduses fewer resources than cars or traditional e-bikes."
James Heath
Board of Advisors member, Green Angel Syndicate
Use of funds
- 01Expand into international markets
Investors
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About the company
Swytch Technology
Swytch Technology produces electric conversion kits for standard bicycles.