London eBike company receives sustainable investment
A London eBike conversation kit company has announced it has received a £3.1m sustainable investment at a £35m pre money valuation.
Swytch, allows users to make the transition from a standard bike to an electric bike. Sustainable venture capitalist, OnePlanetCapital has made the investment through its Envirionmental EIS Fund.
The OnePlanetCapital EIS fund focuses on companies and projects that will genuinely benefit the environmental prospects of the UK and the wider planet, supporting the emerging green economy. Investing into Swytch will support the overall negative impact in busy urban environments that are being challenged.
Oliver Montague, founder of Swytch, said: “The negative impact of road transport has caused near irreparable damage, which is why we all need to make a quick difference. Watching Swytch grow into the product we have always envisioned, has been something I am so proud of.
“We wanted to make a product that was available to anyone that wanted to make that change - an effective product so practical you can’t say no. In the past year it has taken off and with the help of OnePlanetCapital, we have limitless options. Our actions are important to make a difference for our planet, because if we don’t then who will!”
Matthew Jellicoe, co-founder of OnePlanetCapital, commented: “Swytch is an excellent company making an influential difference within a pressing global concern - rising emissions. Being the world’s leading eBike conversion kit company, Swytch is on a mission to save our planet.
“We are incredibly proud to be supporting Swytch on the investment of their innovative product and development plans. It’s a partnership that is vital for the longevity of our ecosystem.”
Swytch has grown to deliver almost £9m of revenue in the financial year of 2021 and is forecasted to make £13m in 2022. Additionally, one in 20 eBikes sold in the UK in 2020 was a Swytch conversion, a stat backed up by Mintel data of 170K ebike sales vs 9K Swytch kits.
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