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Cycle.land smashes fundraising target as it prepares to bring 1000’s of bikes to Europe
Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, today announces that it has raised over £200,000, thanks to its highly successful second equity crowdfunding campaign on Seedrs.
Cycle.land set their funding target on Seedrs at £100,000, however due to high demand, the campaign has raised £203,579, from 349 investors across 28 countries.
The funds raised will be used to diversify the company’s revenue streams beyond peer-to-peer bike sharing, community bike sharing schemes and services to other bike sharing companies. Specifically, Cycle.land will use the funds to set up and operate an urban mobility platform across Europe with joint venture partner Youon.
Born out of the Oxford University Innovation incubator, Cycle.land is on a mission to help move towards globally sustainable urban transport, by making bikes easily available and affordable. As cities rapidly grow and develop, the strain on transportation also escalates, which has in turn led to congestion, pollution and physical inactivity. The Company believes that the bicycle will be a great disruptor in urban mobility, and has so far successfully completed the European launch and operation of billion-dollar mobility start-ups in bike sharing.
Cycle.land has recently unveiled its latest partnership with China’s largest and most successful bikeshare company, Youon. Youon is well known in China and is supported by Alibaba’ affiliate, Ant Financial. Youon is the parent company to HelloTranstech (formerly HelloBike) who is a leader in mobility in China, having raised over $1.2 billion from Alibaba.
Under the deal with Youon, who manufacture and provide millions of bikes for cities across China, the two parties are setting up a UK-based joint venture to target the European Market. The joint venture will operate an urban mobility platform across Europe from March in 2019, with bikes and e-bikes available in London, bikes and e-scooters in Paris and e-bikes and e-scooters in Berlin. The transportation assets will be provided by Youon and managed by Cycle.land.
The users of the shared mobility fleet will be charged per minute/hour and/or a subscription fee.
CEO and Founder of Cycle.land, Agne Milukatie said: “We are delighted to return to Seedrs, and the valued crowd of investors who have supported us, for the second time. We look forward to welcoming them back, as well as attracting new investors as we move into this very exciting phase of development.”
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