MATE.BIKE one of the fastest growing e-bike companies on the planet
|Sectors||Automotive & Transport Mixed Digital/Non-Digital Mixed B2B/B2C|
|Incorporation date||16 Aug 2016|
- Biggest crowdfunding campaign in Europe and 2nd biggest globally
- Over 20,000 bikes sold and shipped to more than 80 countries
- Grown to $18.4m in revenues and EBITDA of $0.6m in 2019
- High profile collaborations with Moncler and Breitling
MATE.BIKE is a Copenhagen-based start-up founded in 2016 by the siblings Christian Adel Michael and Julie Kronstrøm Carton who wanted to disrupt the unhandy, granny and expensive e-bike market by making bikes cool, flexible and affordable.
In the summer of 2016, we launched the original MATE on Indiegogo that kickstarted a global biking revolution and successfully generated $8m. In July 2018, we launched our second product - the MATE X with a more amplified attitude. It got pre-orders worth of $18m and became the world’s second-largest crowdfunding campaign in history.
This year we expect to continue this momentum which is in the DNA of our business to reinvent and rethink what bikes and personal mobility should be able to do. Besides strong sales on our webshop and increasing number of B2B partners we launched two further successful campaigns in 2020. And we are just getting started!
By becoming a co-owner of the coolest company in the world, you will help us accelerate from Start-Up to SCALE-UP and get exclusive access to the Founders Edition bike with up to 1000€ off!
Substantial accomplishments to date
● Our first two MATEs were taken up by over 20,000 people in more than 80 countries.
● Built global e-commerce D2C infrastructure to handle orders and deliveries to 80+ countries allowing us to reach potential customers all over the world.
● Within 3 years of launching, we turned profitable, with revenues of $18.4m and EBITDA of $0.6m in 2019*.
● Just closed our first highly successful single market pre-order pilot in Japan with $1,7m in revenues in just a few weeks.
● MATE.BIKE is featured in more than 400 articles from 30 countries.
● Visible in some of the world's most luxurious concept stores like Harrods and Selfridges (London), Maxfield (Los Angeles), KaDeWe (Berlin), Le Bon Marché (Paris) and are expanding rapidly.
● Exclusive collaboration with Moncler on the Genius project for the Milan fashion show as the first ever non-clothing brand.
● Our bikes are loved and naturally sought after by some of the most influential people in the world like Kendall Jenner, Kate Hudson, Caro Daur and many others.
We still have room for improvement for our business as we hit some bumps on the road due to the rapid scale-up that we experienced. We intend to put some big measures in place which we believe will show visible improvements going forward:
● Partnering up with a leading global production company with multiple sites and service locations to further secure production quality and excellence going forward.
● Connecting with more local partners for better after-sales services including assembling, repairing and testing MATEs.
● Establishing a fully professional team with highly seasoned key hires at the executive level while also strengthening our operational workforce.
*Based on unaudited management accounts.
From Start-up to a Scale-up
We want to move the market from a niche to the masses by opening it up to an entirely new group that has never considered biking before. Through our innovative products, proven playbook, as well as the help from you, we want to go from a start-up to a SCALE-UP and achieve pole position within our category.
Our goal is to inspire people to change their old habits from ordinary means of transportation such as cars and public transits to a more healthy and green way, by making e-bikes cool, fun and more affordable than the rest. The e-bike sector is booming, as the whole personal mobility sector is moving in this direction. Consequently, the market is expected to grow tenfold in the next few years.
Furthermore, recent events have pushed many cities to rethink their transportation plans and commit to more bicycle infrastructure. As a result, the acceleration in the sector that we had estimated to be over the next years, now looks likely to happen in a much shorter timeframe as policy initiatives will add strongly to consumer preferences.
Use of proceeds
The additional funds will enable us to further strengthen and accelerate our business activities:
● Localisation of Key Markets: Aiming to capture significant market share through local branches in the fastest-growing markets including US, Germany, France, Netherlands and many more.
● After-Sales: Strengthen the after-sales machinery with state-of-the-art technology and by expanding our internal customer service and technical support team as well as forging new partnerships all over the world.
● Research and Development: Development of unique concepts to create a continuous product pipeline that will continue to AMAZE as well as a new app for all new features connected to the MATE.
● Supply Chain: Establish a world-class supply chain with production in EU, Mexico, China and Brazil to provide world-wide availability at the best quality and prices possible.
● Top Talent Acquisition: Expand with a team of tier-1 specialists who can help accelerate and strengthen our business operations as we climb to the top.
● Future Forward IT Architecture: Develop a scalable IT system, including a new immersive webshop and ERP system to take us to enterprise level.
Please note that any discounts and/or offer listed by a company in it campaign are subject to the terms and conditions applied by that company. It is the company's responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
Please note that Mate Bike are involved in a suit brought against them by a competitor relating to a crowdfunding campaign in 2017. Following 3 unsuccessful legal proceedings against Mate the competitor has brought another lawsuit against them. Mate does not believe this suit will be successful and are taking appropriate steps under the present circumstances to defend against the claims.
The company intends to draw down on a $1.8m loan from the Danish Growth Fund at the end of August. It is a 6 year loan with the first two years instalment free. Funds raised as part of this round will not be used to pay this loan.