UK-based bicycle retailer Velorution has successfully secured more than £500,000 through its latest equity crowdfunding campaign on Seedrs. The round, which was launched last month and originally seeking £400,000, comes just two years after Velorution raised £625,744 through its first Seedrs initiative.
As previously reported, Velorution describes itself as one of London’s leading premium urban cycling retailers. It is looking to bring innovative and unique cycling products to customers, which are known as “Velorutionaries.”
“Velorution’s goal is to celebrate the wonderful forms of electric and urban cycling, and encourage people to fall in love with riding through cities on beautiful and innovative cycles, designed to the highest specifications and equipped with the most stylish apparel and accessories from around the world. Over the past 6 years, electric bikes have been a core component of Velorution’s offering.”
Since its previous funding round, Velorution reported it has opened three permanent stores, as well as turned over 500,000 in 2018 through the stores alone. The company revealed its latest store format, Velorution Electric, has shown strong growth and profitability, as it requires a much smaller retail footprint and delivers a very attractive yield.
“The strategy is simple: continue to roll-out the Velorution Electric format stores (with 2 planned for 2019), whilst growing the mixed urban and electric offering through our existing estate and e-commerce channels.”
In regards to what the funds from the latest Seedrs round will go towards, the Velorution team went on to add:
“Velorution is seeking to raise £400,000 to continue to fund our growth to date. We have developed a business model which works across multiple channels but recognise that expanding our brick and mortar presence will help us to achieve our ambition of servicing more electric bicycles, further enhancing our brand awareness and ultimately, finding more Velorutionaries. Our focus right now is the London market and ensuring that if you are riding an urban or electric bicycle, that bicycle came from Velorution.”
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