Just two years after securing £625,744 through its first equity crowdfunding campaign on Seedrs, UK-based bicycle retailer Velorution has returned to the funding portal to raise an additional £400,000.
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.”
The company reported that since its previous funding round it has opened 3 permanent stores and have already turned over £500,000 this year from those three stores alone. The company also noted that 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.”
Speaking about what the funds from the latest Seedrs round will be used for, the Velorution team stated:
“Velorution is seeking to raise £400k 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.”
Since launching the funding round has raised more than £280,000 from nearly 60 investors. It is set to close at the beginning of February.
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