Aventon eBike label reportedly gains Sequoia Capital backing
The electric bike brand Aventon has reportedly drawn the interest and investment of Sequoia Capital’s Chinese arm.
If the Sequoia name sounds familiar that’s because the global investment firm has led other funding rounds, most notably raising funds for Strava, but also having participated in a raise for refurbished eBike specialist Upway.
For Aventon the investment reportedly takes the company’s valuation from $200 million eight months ago when China’s Gao Rong Capital invested to a post-investment valuation of $590 million, according to sources tapped by The Information. The amount invested has however not yet been made public knowledge.
The Aventon brand is presently multi-channel, offering its bikes through multiples like Best Buy in the USA, a network of independent bike retailers, plus also directly to consumers via its online portal. According to the brand it has sold over 200,000 units since it set out in 2011 and has a network of over 800 stockists in the USA.
Bicycle Retailer and Industry News reported last year that the label intends to build upon its global workforce with the opening of a “highly automated” electric bike production in the USA, set for completion by 2025.
