Ahooga raises €5.5 million to grow global business and folding bike platform

Belgian compact bike specialist Ahooga has secured €5.5 million for international expansion and engineering innovation.

The funding includes €3.5 million in equity and €2 million in debt financing, and will be used to expand Ahooga’s dealer network, boost brand awareness and prepare for entry into new markets. The company will also invest in working capital and the further development of Max, its patented folding bike platform launched in early 2024.

According to the company, Max features a patented “double triangle” frame that preserves structural integrity when folded, eliminating the ride comfort compromises usually associated with compact bikes.

The bike also arrives fully assembled, requires minimal floor space and appeals to urban riders looking for a premium product.

“Urban riders want bikes that fit into their daily lives, not just their commutes. With Max, we built a folding bike that rides like a full-size bicycle but folds down small enough to carry on a train or store in an apartment. That mix of performance and convenience is exactly what the market has been waiting for,” said Massimiliano Colosimo, Head of Sales at Ahooga.

Currently, Max is available through a network of over 120 dealer points across Belgium, Germany and other European markets. Ahooga is now preparing for its first launch in Asia, with South Korea set to introduce Ahooga bikes later this year through a local distribution partner.

The company added that the global compact bike market is growing despite headwinds in the wider cycling industry, where many brands are struggling with oversupply and declining consumer confidence.

“A 20-inch wheel bike gives agility, control and dynamism that full-size bikes can’t deliver in chaotic urban environments. Max is a superior urban bike… and by the way, it also folds,” said Thomas Moreels, Ahooga’s Chief Engineer.