LAS VEGAS, NV (BRAIN) — Folding bike brand Tern has secured $4.3 million in funding from private investors, which the company will use to accelerate global expansion and to ramp up its product development.
The two-year-old company was launched with startup money from founder Joshua Hon. Hon and his mother, Florence Hon, remain majority owners of Tern.
“We’re only two years old and we’ve grown pretty quickly,” said Joshua Hon, Tern vice president. “This round of funding lets us continue to invest in all of the critical parts of our operation as we establish the brand in markets around the world. Our investors also bring some great synergies and expertise to our team. We’re proud, but also humbled, that our investors have this confidence in us and our mission of sustainable transport.”
Tern has had more demand than it could supply, said Steve Boyd, general manager for North America. “This new investment will allow us to get bigger buys of inventory and we want to increase our marketing in the U.S. in particular,” he said.
The new money will go toward tooling, infrastructure and adding staff. The company employs about 60 people worldwide. Tern was “picky and deliberate” about who it sought for investment, Boyd added.
Tern is a privately held company that specializes in bicycles and accessories for urban transport. It has headquarters in Taiwan and offices in the U.S., China, Finland and the U.K. Its folding bikes are sold in 59 countries.
The company has won seven international design awards and a host of consumer awards.