Spoon Group Ltd has successfully closed a funding round totalling £740,000.
After a private round brought in almost £300,000 in new investment, long-term debt partner and institutional investor FSE Group stepped in with matched funding through its Enterprise M3 initiative, bringing the total raised to £740,000 and valuing the bike company at £3.7million.
Spoon Group was created when custom bike brands Spoon Customs and WyndyMilla first merged in 2019.
The new company, led by Spoon Customs founder Andy Carr, was created when former Ovo Energy retail boss Chris Houghton identified an opportunity to rejuvenate the WyndyMilla bike company by bringing in the fresh approach of start-up Spoon Customs.
Carr said: “Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands and this new funding will help us shift more people away from mass-produced equipment, in favour of a better bike made with perfect fit, fabrication and finishing, designed for individual performance needs.”
The company’s newest bike, the Spoon Vars Disc, is a made-to-measure carbon road bike. Carefully crafted one at a time, Spoon Customs bikes are designed to meet the exact needs of individual cyclists.
The bikes are designed and delivered through dialogue between the Spoon brand and its customers, with numerous touchpoints along the way.
The company will use the funding to further develop its portfolio of road and gravel bikes, as well as build on its reputation for creativity and service by growing the team and continuing to improve the overall customer experience. The company also owns and operates Gun Control Custom Paint, a technical and creative finishing company.
Paul Lyristis, investment manager, South East for The FSE Group, said: “We were impressed by Spoon’s track record and the expertise of the senior management team and investors. The fund has supported the business since 2016, and it is encouraging to see the growth of the business with great products that are receiving increasing recognition.
“We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris and the team to ensure they reach their goals for growth.”
Moving forward, Spoon’s plans include developing a new performance e-bike in 2023.