London enterprise havebike, which specialises in a collection and repair service for cyclists, recently launched its initial round of investment from the public. The move from the firm coincides with its initiative for UK-wide expansion.
The business is now inviting members of the general public, along with the UK’s cycling community, to join its endeavour, seeking investment of £500,000 or more to top up the funds it has already raised.
After a pre-investment valuation set at £6.5m, the London company is now getting ready to cover some distance by expanding its nationwide footprint to major UK cities while advancing its business across multiple areas, including mobile services. From its budgeted £1.8m worth of revenue for this financial year, the firm believes this first round of investment can potentially help it grow its revenues to around £10m within the next 18 months.
CEO for havebike, Nick Brown, commented
“We are an ambitious company with plans to be cycling’s equivalent of Kwik-Fit, and I know that our technology, industry expertise and scalable model will allow us to be successful.”
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