Bike Matrix compatibility index bags $2 million industry investment

Following a successful showing at Eurobike 2024 where it picked up an award, B2B parts compatibility solution Bike Matrix has secured NZ$2 million seed investment from within the industry.

The Bike Matrix compatibility index allows users to “select a bike and see what fits” and is designed to simplify life for online stores, retail software systems, workshop portals, wholesale B2B and ERP systems, fleet management platforms, bike design processes and workshops.

In contrast to the automotive industry, where parts have been systematically indexed by vehicle for decades, the bicycle industry has long relied on physical inspections to determine the correct parts for a specific bike. The rapid innovation in the cycling sector and the growing number of fitment standards have made this process increasingly complex and confusing, leading to buyer hesitation (and incomplete shopping transactions), and costly returns or waste.

Bike Matrix has developed a proprietary method to assess the compatibility of any component as a replacement or upgrade for any bicycle.

The NZ$2 Million investment, a silent contribution from within the bicycle industry, brings invaluable market validation, experience and expertise from a seasoned industry insider, we’re told.

Adam Townsend, a veteran bike mechanic and the architect behind the compatibility system, said: “This funding will enable us to expand our dedicated founding team and take Bike Matrix to the next level.”

“With a full battery, a clear roadmap, our toolbox, and strong industry support, we’re ready to move forward.”

Lyndal Bailey, a bicycle mechanic and workshop manager turned co-founder, said: “We’re thrilled to onboard new team members and boost our capacity to deliver what the bike industry clearly demands. In five years, this will be the go-to method for finding bike parts, just like it is in the automotive industry.”

Adam Barnes, the tech lead who transformed the concept into code, said:  “We’ve built a robust and scalable foundation that can support numerous apps, widgets, and custom integrations, enabling us to connect with existing software platforms and serve the entire bike industry.”

The Bike Matrix team said it was amazed at its trajectory since it attended Eurobike in 2023 with just a spreadsheet and a handful of business cards. The system now has over 80 component brands providing product information, agreements with major global bicycle brands and customers planning Bike Matrix integrations into their roadmaps.

Collaboration with the bicycle industry is key to Bike Matrix’s business model, as is supporting the existing distribution and dealer network. With the vast number of bikes and components to be added to the database, the task can seem daunting for a small team. However, with brands supplying information directly to Bike Matrix, the process is becoming more efficient and accurate.

Designed to protect manufacturers’ data, the compatibility solution is free for brands to list their products. Bike Matrix encourages every bike and component brand to share their bike specs and parts information to benefit riders, dealers, mechanics, and the entire global bicycle industry.

Acknowledging the long road ahead, filled with challenges and milestones, the Bike Matrix team is confident its “now has the resources to tackle these challenges head-on”.