Just a few days after launching its Seedrs initiative, social marketplace for bicycle sharing, Cycle.Land, has already raised over 60% (£60,000) of its £100,000 funding target.
The platform secured support from Oxford University Innovation earlier this year (March 2016) and launched in Oxford shortly after. Cycle.Land claims to have 100% month-on-month growth in total users. Its web-app enables UK members and international travelers to borrow bikes from local cyclists, families, and vendors, from as little as £1 per day.
CEO and Co-founder of Cycle.Land, Agne Milukaite, stated:
“Our mission is to get people cycling. Zipcar, Drivy, Tesla and Uber are all exciting, fast-growing companies that are making a difference in how we move. But as a society, we are in trouble if innovation is solely focused on cars. With Cycle.land, we’re building a sustainable company focused on shared bike mobility that is at least as disruptive as car and ride sharing companies.”
Milukaite continued:
“Shared bike mobility is the next great disruptor in urban transport. Amsterdam and Copenhagen today offer a glimpse at the future of urban mobility everywhere. Just like there, we believe the majority of short trips in urban areas will be made on bikes. We are delighted to be raising on Seedrs with Seedrs and offer our members the chance to own part of the company at seed stage and share in its future success.”
Roy Azoulay, Head of Oxford University Incubator commented:
“Cycle.land is leading the way at Oxford University Innovation as our first company to launch an equity crowdfunding campaign. Agne and her team are true visionaries, and have already been incredibly successful at turning their idea into a revenue generating business and a service that is cherished by an enthusiastic and loyal customer base here in Oxford. We’re delighted Cycle.land is working with Seedrs’s co-founder and former Oxford MBA, Jeff Lynn, so they can continue to accelerate their growth and launch in five cities across the country.”
Jeff Lynn, CEO and co-founder of Seedrs, added:
“We are very pleased that Cycle.land has chosen Seedrs for its capital-raising needs. I am particularly fond of businesses, like this one, that emerge from Oxford University: I spent two very happy years there as a graduate student, and my co-founder, Carlos Silva, and I started working on Seedrs while we were pursuing our MBAs there. But it’s not just about the Oxford connection: Cycle.land is a great example of a business using modern technology to facilitate a popular activity in a new way. I’m thrilled to be working with them and wish them tremendous success.”
Cycle.land is now planning to launch in five additional cities across the UK, which are Brighton, Bristol, Cambridge, Edinburgh, and London. Funds raised on Seedrs will be used to help Cycle.land expand its team and build new partnerships with local businesses and communities in each city to ensure bikes are easily accessible to everyone.
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