Bike sharing marketplace raises over £200k funding with Seedrs

Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, has raised over £200k due to its second equity crowdfunding campaign on Seedrs.

Cycle.land set its funding target on Seedrs at £100k, 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.

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.”

Cycle.land wants to 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.

Under Cycle.land’s deal with Youon, which manufactures and provides 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.