Atherton Bikes, a UK-based mountain biking brand, has raised more than £1.1 million through its equity crowdfunding campaign on Crowdcube. The funding round made its debut recently and quickly secured its initial £600,000 funding target.
“Our bikes are UK made by joining carbon tubes with additive manufactured lugs (3D printing in titanium). This innovative use of technology means that every bike can be fitted to its rider and we can offer more stock sizes than our competitors. Stock holding and waste are greatly reduced and learnings can be in production in days.”
The company has product orders from more than 30 countries and in 2020 its test launch featured two bikes that combined Formula 1 influence with years of experience from Atherton. In regards to what the funds from the Crowdcube campaign will be used for, the company added:
“Atherton Bikes will invest in sales & marketing to develop a bike brand that leverages this global popularity, aiming to convert fans into customers. This raise will enable us to develop more new technologies, aiming to lower production costs within 3 years and to launch kids bikes and e-bike ranges, targeting sales of 2500 units at 3 years, 7500 at 5 years.”
Since its launch, the funding round has attracted more than 2260 Crowdcube investors. The company is now offering 23.34% in equity at a £3,812,438 pre-money valuation
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