Independent Gateshead bike brand shifts up a gear with £50k funding

An independent cycling company has received a £50k investment from a North East growth fund.

Vielo Sports was set up by father and son team Ian and Trevor Hughes in 2018, and received £50k of funding from the North East Small Loan Fund.

The funding supports the launch of the company’s new product, the V + 1 bike, which is creating two new North East jobs.

Trevor Hughes, co-founder of Vielo, commented: “Vielos are aimed at third or fourth-time buyers who know what they want out of a bike, and who value the type of high-end design, materials and detailing that goes into our products.

“The response to the V+1 has been extremely positive, with strong sales across the UK and Europe, and a growing market in the US, and we’re very confident that the R+1 is going to appeal to our target audience just as much.

“The R+1 has been specifically designed to turn heads among serious leisure cyclists, a community which is notoriously tough to impress, and the fantastic feedback we’ve had on it so far suggests we’ve done what we set out to do.

“We’ve had pre-orders coming in months in advance of our launch date and are excited to be getting it out on the road in just a few months’ time.

“We’ve had a really good relationship with the NEL team over the last few years, with the mentoring we’ve had around different parts of our commercial operations being especially valuable, and they were our first choice when it came to looking for an investor in our latest plans.”

Mark Wharton, portfolio executive at NEL Fund Managers, adds: “Trevor and Ian have married a passion for cycling with serious design expertise and are creating amazing bikes which really stand out from the crowd.

“Ensuring growing North East businesses have access to investment capital at different stages of their development is crucial in ensuring they have the best possible chance of realising their potential.”