NewGen Bikes secures £425k investment to finance UK and European expansion
NewGen Bikes, the British e-mobility business, announces the completion of a £425k financing round from a group of private international investors. This investment supports NewGen Bikes’ ambitious growth plans to deliver design-led, high-quality electric bikes to an international market.
NewGen Bikes was born from the desire to bring a new generation of electric mobility vehicles to market. NewGen’s flagship electric bike, the 345, was designed to combine the look and lifestyle of a motorcycle, with the ease of use and accessibility of a bicycle. Leveraging on British craftsmanship and design, the 345s are built in the UK.
Last year saw the number of miles cycled on British roads rocket by 45.7% to 5 billion, accounting for more than the last 20 years’ market growth combined. The electric bike industry represents a rapidly growing sector in this market with electric bike sales now representing 23% of new bicycle sale value. With the combination of changing consumer trends and amplified government support for the sector – as attested by the UK Government’s July 2021 announcement of a £338m budget allocation to support the development of cycling and walking city centres – the electric bike industry is expected to see unprecedented growth over the next decade.
NewGen Bikes has ambitions to become a leading player in the UK and international e-mobility sector. The £425k funding will be used to finance its expansion in the UK and Europe, and to continue to build brand awareness and reputation as a key British lifestyle player operating at the intersection of e-mobility, motorcycle, street, outdoors and surfing cultures. The fundraise brings together a group of seasoned investors and operators with a breadth of expertise to support NewGen Bikes’ next stage of development.
Data sources: Department for Transport, Mintel.