Wattbike secures new debt financing to back growth strategy

Wattbike has secured third party debt funding to help finance its international expansion strategy, launch a new product and propel its digital offering.

With the new debt funding and backing of Piper, which originally invested in the business in 2020, Wattbike’s leadership team said it is in a “strong position to unlock a series of strategic growth opportunities to support the brand’s next phase of growth”.

Earlier this year Wattbike hired Stephen Loftus (previously Chief Commercial Officer at Brompton where he helped quadruple the size of the business) as CEO and sports market veteran Greg Nieuwenhuys as chairman.

Loftus said: “We are delighted to secure new debt financing to support the acceleration of our growth strategy. We have a very exciting new product pipeline and a team with the experience and vision to turn Wattbike into one of the world’s leading training platforms.”

AlixPartners UK acted as financial advisor to Wattbike and Piper in connection with the financing.