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Belgium-based Classified Cycling has closed a funding round of €22 million led by Active Partners, the investors behind cycling brands Rapha and Evans Cycles.
Existing investor Bridford Investments Limited is continuing to support Classified by participating in the round. The company’s investors include Olympic and World Champion riders, Tom Boonen, Anna Van der Breggen, Andre Greipel and Marcel Kittel.
Classified, which develops innovative drivetrain technology for the cycling industry, is already in partnership with over 40 brands, and the Powershift is available through more than 25 distributors and 300 dealers in key markets.
The new investment will be used to strengthen business development, with a strong focus on the US and Europe. Classified said it will also expand into the e-bike market, leveraging its Powershift technology to make a lighter, more durable and efficient transmission for electric bikes.
Mathias Plouvier, co-founder and CEO at Classified, said: “Classified’s Powershift technology is the first major technological improvement since Shimano and SRAM took control of the market.
“Our innovation makes the experience of riding a bike so different from the current paradigm that it is almost magical. With our new investment and an appetite for disrupting the cycling industry we are well equipped to take our technology to riders around the world.
“We have reached agreements with over 40 brands and are looking to expand our business as a supplier to the largest OE brands in the world. We will also be a great partner to e-bike manufacturers as we have a significant technological upgrade in the works for this rapidly growing group of riders.”
Founded in 2019 by Plouvier and Roëll van Druten, Classified has developed Powershift technology, a patented wireless shifting system that allows riders to change gears instantly while under full load.
Nick Evans, managing partner at Active Partners, said: “Classified is disrupting the bike and e-bike markets with a genuinely differentiated and innovative product that radically improves the riding experience for all cyclists. Ride it once and you will feel the difference!
Read more:British e-bike brand Volt launches next generation Infinity model
“We are excited by Mathias and Roëll’s vision to transform the future of cycling and look forward to helping the team to accelerate their product development, invest in the Classified brand and distribution, build strategic partnerships and accelerate the widespread adoption of their technology by the industry and riders around the world.”
Earlier this year, Classified announced an exclusive distribution partnership with Windwave, pushing for growth in the UK and Eire.
