havebike has announced that it has launched its first round of public investment as it begins its expansion across the UK. The group is seeking upwards of £500,000, having already raised over 80% of its target amount.
With a pre-investment valuation of £6.5 million, havebike is expanding across the UK and are progressing the business in several key areas that include mobile servicing. From a budgeted £1.8 million revenue this financial year, the company believes that this latest round of investment can help grow revenues to £10 million by 2023.
As cycling becomes a popular option for people favouring greener and more sustainable transport methods, havebike plan to open workshops in major cities across the UK, aiming to have several in operation by 2023, in order to meet the increasing demand for bicycle repairs. Additionally, the company will launch ‘havebike at home’ with a fleet of mobile repair vans for businesses and customers that cannot get their bikes serviced at a physical workshop.
Nick Brown, founder and CEO, said: “havebike was created as a solution to the dread people feel when their bike has suffered a mechanical problem. We want to remove the hassle, inconvenience and uncertainty of bike repairs so that people can get back to turning their pedals as soon as possible. We are an ambitious company with plans to be cycling’s equivalent of Kwik-Fit, and I know that our technology, industry expertise and scalable model will allow us to be successful.”
“The UK cycling market was recently valued at £2 billion with around 2.5 million bicycles sold at a value of £940 million, and a similar level of spend seen on service and repair. Factoring in the recent cycling boom, the incoming green recovery from COVID-19 and the fact that 42% of people in the UK have access to a bicycle, the true potential of the service and repair market is potentially worth over £1 billion. This is the perfect time and opportunity for those looking to invest in a standout company within the cycling market.”
For more information on the crowdfunding campaign visit www.seedrs.com/havebike.