E-bikes for cities
- £2.4m turnover in 2 years*
- 2,000+ e-bikes on the streets in 400+ cities
- 2.5x growth year-on-year
- Featured in retail stores across UK and Europe
Moving through cities is an activity that is traditionally endured; we believe it should be enjoyed. Electric bicycles allow effortless movement through our urban environments however they are often heavy, expensive and unattractive; we believe they should be lightweight, affordable and beautiful. This was the intention when Nav and Jack launched the AM1 on Kickstarter in 2018, gaining the support of 498 backers.
We recognise the nuances of city living. An e-bike should be lightweight so it can be carried upstairs and have a removable battery so it can be charged indoors. Most trips are under 5 miles (8km), so our e-bikes strike the perfect balance of range, weight and style to power your journey whilst being incredibly fun to ride.
We want more people riding e-bikes, because when our streets are filled with e-bikes they become safer, cleaner and more enjoyable for everyone.
Substantial accomplishments to date
📈 250% growth year-on-year
💰 £2.4m turnover in 2 years*
🚲 2000+ bikes sold to 400+ cities in 30+ countries
🏬 Sold in stores across UK & Europe
🚢 Successfully manufactured and shipped 100% of all pre-ordered bikes in 2020
We will continue to drive revenue via proven methods whilst developing new parallel streams:
🙋♂️ D2C sales: proven track record of successfully delivering on crowdfunding campaigns and providing sales & support to riders via our online platforms
🏬 Retailers: increased focus on our Distributor Network with 6-figure agreements in place and further growth anticipated
🚲 Alternative ownership methods: pilot of alternative payment structures to reduce barriers to entry and encourage adoption in new markets
🏦 Government support: strategies in place to further facilitate incentives such as C2W and subsidies available across our core markets
Since the beginning of the epidemic in 2020 Europe has spent €1bn on cycling infrastructure and <2300km of new bike lanes have been built.
E-Bikes were already a major growth segment before 2020, and COVID-19 turbo-charged this trend with a 92% year-on-year rise in e-bikes sold. Europeans are expected to buy 17 million e-bikes per year by 2030.
Use of proceeds
○ Research and development:
Accelerate the development of new products and technologies including a data-driven service platform, custom high-power electronics and mechanical innovation.
○ After-sales & support:
Scale-up our support and after-sales team to allow us to respond to peaks in demand and provide all of our riders with quick, efficient and comprehensive responses and solutions.
○ Top tier talent:
As we scale-up we're hiring engineers, developers and bolstering our executive team with industry experts from advertising, robotics and IoT.
Build our marketing and advertising reach to engage new audiences and encourage adoption in the post-covid world.
○ Operational capacity and retail:
Enhance our physical presence and team to deliver growth in the coming years and better serve our riders and communities.
*based on unaudited management accounts
Please note the business has the following outstanding debt:
£50k Bounce Back Loan (BBLS) taken out on 28th September 2020.
£95,000 Net sums owed to directors and staff re DLA & Expenses. This will be repaid as and when cashflow allows.
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