Cycle Exchange secures £2.4m investment from Beringea

Cycle Exchange, the UK’s resale platform for premium pre-owned bikes, has secured £2.4 million from venture capital investor Beringea to support its continued growth.

Beringea’s investment will enable Cycle Exchange to broaden its national footprint, enhance operational capacity at its refurbishment hub, and strengthen the company’s technology platform to streamline procurement and optimise pricing.

Beringea will also bring experience from its investments in circular platforms such as MPB, the global resale platform for photography equipment, and Watchfinder, the marketplace for pre-owned luxury watches acquired by Richemont in 2018.

“We have spent years building the expertise, systems and processes required to operate a high-quality pre-owned platform. This investment from Beringea will enable us to take the next step—expanding our operations, improving our customer experience and strengthening our technology,” said Matt Connelley, Founder and CEO of Cycle Exchange.

Cycle Exchange is a platform for buying, selling and exchanging premium bikes. The business offers a selection of pre-owned road, gravel and mountain bikes, as well as parts and accessories, which consumers can access online or in person at its processing facility and retail space in south-west London, alongside a growing network of partner outlets across the country.

“The business is addressing a clear shift in how consumers purchase premium bikes, and its model combines strong unit economics, sustainability and a more attractive value proposition for customers,” said Kiu Kim, Investment Director at Beringea.

According to Cycle Exchange, the UK remains one of the world’s leading cycling markets, with consumers spending close to £1bn annually on bikes. Around 80% of this value is spent on high-end equipment. The pre-owned segment has also grown rapidly as riders seek access to high-spec bikes at more accessible prices.