Bike Rental Manager scoops £490k investment for development

Bike Rental Manager has announced a £490,000 investment as part of a funding round in partnership with Universum Wealth.

The bicycle rental software is now present in 27 countries and considered to be among the market leading platforms used by bike shops to manage fleets.

CEO Doug Stoddart says the investment will now be channeled toward product development and growth of the client base, as well as customer service. Alongside this the B2C side of the bike.rent portal is earmarked for further development in order to make customer bookings a more seamless process.

Sean Young, Investment Partner from Universum Wealth, commented: “We are very excited to join the BRM journey, Doug and his team have built a fantastic business with a sector leading product, which already has international reach. The total addressable market is in a secular growth phase for many years to come, thus this investment will continue to fuel expansion and help the BRM team create one of the leading bike rental ecosystems globally.”

Doug Stoddart, Bike Rental Manager CEO, commented: “We are delighted to welcome this new investment and partnership with Universum Wealth.  Not only will the funds allow us to further accelerate our growth but the team and new investors bring a wealth of experience across many industries with a particular interest in cycling and B2C opportunities.”

Bike Rental Manager previously raised via crowdfunding in April of this year, surpassing the £250,000 goal at 123% of the target.

Upon this crowdfunding success, Stoddart outlined how he would like to enable bike shops to use his platform to sell used stock, enhance their marketing strategies and provide access to tours and events via the website.