Skarper, a British start-up endorsed by six-time Olympic cycling champion Sir Chris Hoy, has successfully raised £4.5 million in new investment, increasing its total funding to £12.8 million. The company is renowned for its ultralight, portable drive system, which can convert a regular bicycle into a high-performance e-bike within seconds. The new funds will support Skarper’s go-to-market strategy, aiming to launch its product in the UK in the last quarter of this year, with plans to expand into the European market by 2025.
Previous reports on Skarper highlighted its collaboration with Oracle Red Bull Racing’s Advanced Technologies division in developing its innovative drive system. The device, combining a 250-watt motor and a 240Wh battery, offers a range of up to 50 kilometers. The system’s ability to easily disconnect and convert the e-bike back to a regular bike has been emphasized as a key feature in past discussions. This characteristic continues to set Skarper apart in the e-bike market.
Investment portfolio firm Adjuvo spearheaded the latest funding round, drawing contributions from its extensive member network and angel investors. The round also saw participation from Skarper’s existing investors, including Resilion Chairman Yaron Kottler, Starry Group, and Mobilitech Capital.
Revolutionary Drive System
Skarper’s unique drive system, which attaches to a bicycle’s disc brake rotor, transforms it into an electric bike without any compromise in performance. Invented by co-founder Dr. Alastair Darwood, the patented design has been developed with input from engineers and Oracle Red Bull Racing’s Advanced Technologies division. This innovation allows cyclists to easily switch between e-bike and traditional bike modes, enhancing convenience and flexibility.
Strong Market Potential
The newly acquired funding will facilitate Skarper’s market entry and growth objectives. The company plans to launch its product in the UK by the end of the year, with an ambitious goal to expand throughout Europe by 2025. According to Adjuvo CEO Mark Foster-Brown, the device holds potential to revolutionize the e-bike market and meet rising global demand due to its unique and practical design.
“Skarper is set to establish itself as a major player and novel part of the fast growing e-bike market with a unique device that could revolutionise the sector. Cycling is a $100 billion industry and is only forecast to grow as new assistance technology is developed to enable more people to use it both as a form of transport and recreation. Everything we have seen suggests Skarper will therefore generate enormous customer demand globally,” said Foster-Brown.
Skarper CEO Ean Brown also highlighted the significance of the recent funding milestone.
“This is a major milestone for Skarper. Raising almost £13 million to-date is testament to the product and brand that we have created. Such significant capital allows us to satisfy the customer demand for Skarper, achieve our growth targets and make a positive impact in the cycling industry,” commented Brown.
With the e-bike industry projected to grow substantially, Skarper’s innovative approach positions it well to capture a significant market share. The company’s focus on flexibility and performance, combined with robust financial backing, indicates a promising future. The ability to seamlessly transform a regular bike into a high-performance e-bike caters to a broad consumer base, potentially boosting cycling adoption for both transport and recreational purposes.
