In order to start expanding, Poole-based cargo bike manufacturer, Boxer Cycle, has launched an equity crowdfunding campaign on Seedrs with a mission to raise £48,000 with a 7.41% per equity.
The company stated:
“Boxer Cycles are based in Poole, Dorset and use local manufacturers and suppliers wherever possible to ensure that our exacting standards are met and that we support the local and British economy. Whether we need laser-cut aluminum parts or hand-stitched upholstery panels, we try our best to get it done within a ten mile radius of our factory.
“Boxer was founded by Jeremy Davies in 2013, years after he spotted the niche in the market for an innovative cargo trike design. Davies built his first roadworthy cargo tricycle in 2008, a self-confessed ‘Frankentrike’ called The Lobster, with huge 26″ knobbly tyres, a tilting parallelogram rack and torsion bar front suspension.
“Whilst this design achieved Davies’ goal of being able to negotiate the rough tracks of Purbeck at speed, its cargo carrying capability was poor due to its tilting wheels and its excessive weight, which was caused by the overly complicated suspension system.”
According to Insider Media, Boxer Cycles recently received seed funding from former Dragons’ Den participant Hugh Roper. While sharing details about the company, Davies shared:
“The idea came about initially as I live about three miles from the beach in Poole and it was becoming a problem to get there with a child and a dog. I started working on designs but after about six months I decided to buy a cheap bike from China and modify it. There wasn’t the intention originally to set up a company but on the first trip I effectively took two orders from people who wanted a bike of their own.
“I ran a business importing bikes for about a year but the quality wasn’t very good so I went back to the drawing board and looked again at making them in the UK.”
Also revealing why the company decided to turn to Seedrs for funding help, Davies explained:
“The Seedrs campaign will ensure that all the parts we need to build the bikes are on our shelves when we need them. Our ability to deliver to customers is dependent on this. We currently employ part-time assembly line staff and we’ll be looking to take them full-time as well as taking on an employee for sales and marketing.”
In regards to sales growth, Davies added:
“Growing the business will mean moving from a direct sales model to a resale model. European and US exports are going to be key. We’ve already got our first UK retailers and we’re about to take on our first internationally. The main thing will be having the stock ready.”
The campaign is set to close in early September.
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