BikeBiz Bicycle and cycling retail news
The team behind WingLights from Cycl successfully pitched their innovative new bicycle indicators to the Dragon’s Den for investment, receiving 45,000 from Nick Jenkins.
The product was developed following the creators’ personal experiences of navigating around London streets by bike and is designed to create a safer environment for both cyclists and drivers.
Dragon Peter Jones appreciated the high-quality design of the Winglights, stating that the bicycle indicators were “exceptional,” and commenting that “The quality and the way you’ve put this together, I think is as good as I have ever seen in a product.”
Dragons Touker Suleyman and Nick Jenkins finally put forward offers for investment, with Jenkins finally making the deal of £45,000 for a 12.5 per cent stake in the company, up from the 5 per cent proposed by the founders.
Jenkins commented: “I’m really impressed with how Luca and Agostino set up the business, started selling the product and broke even in the first year. That is quite rare and is a pretty good indication that they are backable, which is impressive. Put simply, it is a brilliant product.”
Cycl has already sold over 16,000 units worldwide since July and anticipates doubling the profits annually over the next three years. The company saw a turnover of £64,000 in its first year, growing to £125,000 in its second.
CEO of CYCL Luca Amaduzzi concluded: “We’re extremely excited to have Nick Jenkins on board. We created WingLights with the aim of making cycling safer worldwide and we’re sure that having Nick’s expertise and skills available to help us realise that goal. The last two years have been an exciting time as both the product and the business have developed and we’re looking forward to seeing what the future holds.”
