BERLIN (BRAIN) — Signa Sports United has taken a stake in Buzzbike, a U.K.-based bike subscription service. The company said the deal will enable Buzzbike to expand into U.S. and European cities, starting with a planned community in Florida.
Buzzbike's monthly membership package includes a city bike, lock, on-demand maintenance, theft protection, events and an app with cycling-friendly turn by turn navigation, "concierge-level" support, bike use statistics and rewards for consistent cycling.
SSU said the investment will also help Buzzbike accelerate development of its bike product range.
SSU will become Buzzbike's exclusive bike supplier.
Tom Hares, the CEO & co-founder of Buzzbike, said: "We believe bikes can unlock solutions to some of the biggest issues facing our cities, such as congestion and air pollution. By making it simpler to start and keep riding, we have the opportunity to transform the cities of the future. We are delighted to have found a partner in SSU with global scale that shares our vision, to help bring Buzzbike to thousands of new customers across the world. Funds will be used to accelerate development of a new cutting-edge e-bike, grow our world-class team and further evolve our technology and services."
Anton Oliver, SSU's head of corporate development and M&A, added: "We are thrilled to accelerate the global growth of Buzzbike, which we believe has a competitive edge in the high growth and dynamic bike subscription market. We see huge potential in the bike market in cities around the world, particularly in the U.S. and Europe. The broadening scope of government green agendas and infrastructure spending is resulting in an e-mobility revolution and a boom in e-bikes that will continue to accelerate for the next decade. We also see a sizeable increase in individuals wanting to use biking more for commuting and getting around cities for health, environmental and efficiency reasons."
Other participants in the investment round include leAD Sports, a leading sports & health tech fund and accelerator based in Berlin, and Lake Nona, Florida, a planned community near Orlando described as the city of the future and the base from where Buzzbike will expand into the U.S. market.
Andrew White co-Founder and Chairman of leAD sports commented: "As an early supporter of Buzzbike it's been incredible to watch their growth. We couldn't be more excited to support the team as they expand into the US in partnership with SSU. At Lake Nona with our partners Tavistock, we're creating a tech-empowered mobility ecosystem that we believe will be the blueprint for cities of the future that includes autonomous public bus networks with Beep and an Aerotropolis. Buzzbike's e-bike platform will be the perfect complement to this line-up."
SSU, an e-commerce company that owns several cycling sites, is traded on the NYSE.
