Overfunding: Pedals London’s Crowdcube Campaign Secures £90,000 Funding Goal

pedals-london-2Pedals London, an on-demand bicycle delivery service, has successfully secured its initial £90,000 funding target through on Crowdcube and is now nearing £125,000 thanks to 105 investors.

As previously reported, Pedals London, which was founded earlier this year, is described as a green, affordable, on-demand bicycle delivery service for London. The company’s services price starts at £6.70 and goes up to £32 and customers may hire cyclists by specifying a pick-up location, drop-off location, and a precise time slot. The company also reported that cyclists could be hired by the house for as little as £15 per hour. It automatically calculates the quickest and safest routes for each cyclist and takes 25% of the cost of each delivery.  

Pedals London estimated it made more than 2,500 deliveries so far and its best day was 102 drops. The company noted it expects to make another 1,000 deliveries per month by the end of the year. The company’s team stated:

pedals-londonWe’re using the spare capacity of commuting cyclists to create an environmentally sustainable and reliable distribution strategy and are reinvigorating existing courier services with personal, old school bicycle delivery to transport products with care, precision and speed.”

Recently, Pedals London was accepted into the accelerator program, Geovation and it was given a small grant, office space, and general support. The company also reported that it is in talks with a few companies that are looking to integrate with it.

Funds from the Crowdcube campaign will be used for hires, which includes one new developer and business side professionals. The initiative is set to close on Thursday. 

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