Startup Funding Club has lead an £800K investment round into state-of-the-art eBike technology startup Swytch
Startup Funding Club (SFC) has recently closed an investment into state-of-the-art eBike company Swytch Technology in an SFC-lead round of £800,000 coming from various entities as well as private investors. The funded company produces and sells eBike kits that convert existing bikes into electric power-assisted ones.
Swytch’s founder and CEO Oliver Montague and his team have created the first truly affordable eBike kit system in the market that reduces the cost of building reliable, high-performance electric bikes. The Swytch system can be retro-fitted by consumers to any bike, old or new, big or small, avoiding the inconvenience and expense of taking it to a specialist. The first version of the Swytch motor wheel adds just 1.5kg of additional weight to the bicycle, does not affect the looks of it, and rides exactly like a regular one. The eBike kit is completed by a removable power bag that can be fitted onto a bike in an instant whenever its rider wants to 'Swytch' to electric power. The company is now targeting the EU market, which is 15-20 times larger than its home UK market.
Swytch was first introduced to the SFC Angel Network last September at Startup Funding Club’s Pitching & Networking Event, where they showcased their product to investors. The interest from SFC Angels that sparked from this event resulted in Swytch receiving investment from individuals in the group, which added to those coming from two of SFC’s funds – the SFC Angel Fund and the SFC EIS Growth Fund. Other investment entities such as the London Co-Investment Fund, Angels Den, and the Green Angel Syndicate also took part in the £800,000 round.
Raphael Fässler, Investment Manager at Startup Funding Club, commented: “We were ultimately impressed by the technology and the high quality team around Oliver Montague. There is a gap in the market for an affordable, easy to use eBike kit, and Swytch’s technology and its speed of innovation is the perfect match for SFC’s wider portfolio to invest in the future of urban mobility. We are very pleased to close this £800k investment round alongside our great co-investment partners.”
Oliver Montague, Inventor of Swytch says: “Swytch is a completely unique product that is the result of four years of engineering innovation. We worked closely with our crowdfunding customers to develop a technology that is fit for purpose for both novice riders as well as cycling enthusiasts. This latest investment allows us to continue to innovate and develop new technologies. We see the Swytch eBike kit as the first in a really exciting pipeline of new product developments that we will be releasing over the next few years, totally transforming the way people think of transport and how to get from A to B.”