Skarper, the start-up backed by Olympic legend Sir Chris Hoy, with patented technology that transforms regular bikes into e-bikes, has secured an additional £4 million in funding.
This is the second funding round in less than 12 months for the business, bringing the total amount invested to £8 million and supporting the acceleration and scaling of Skarper’s route to market.
This latest funding round was led by investors including the Starry Group and Mobilitech Capital alongside several business angels.
Skarper is a click-on, click-off e-bike drive system that drives the bike via the rear disc brake.
With its DiskDrive technology, Skarper can transform any bike into an e-bike and back again.
Six-time Olympic and 11-time World Champion cyclist Sir Chris Hoy is a shareholder in the business and has been part of the development process from the outset.
He said: “I truly believe this is going to make a significant impact on the industry; people will have the freedom and flexibility to choose whenever they want electric assistance which opens up cycling to so many more people – something I’m extremely passionate about.
“I am blown away by Skarper; it’s a simple, yet brilliantly effective concept and I am very excited to see it come to market.”
This first-of-its kind, patent protected disc-brake drive system has been developed by a London-based start-up in Camden.
The company made headlines last June when it announced its invention for the first time with the news generating tens of thousands of enquiries from around the world.
Read more: Knipex partners with Chicken CycleKit to launch into UK cycling market
Ean Brown, CEO and co-founder of Skarper, said: “Securing a second investment round in less than 12 months is testament to how innovative and industry-changing Skarper is. We have received hundreds of distribution requests from around the world and have a large waiting list of customers.
“The interest from industry leaders, including bike component manufacturers and household brands, has exceeded our expectations. Our revolutionary technology lowers barriers to owning high quality eBikes and reduces waste.
“Ultimately, it is Skarper’s ambition to see a DiskDrive disc brake fitted as standard from the factory on millions of bicycles around the world. With such a positive industry response, momentum accelerating, significant investment and confidence in the business high, we look forward to sharing more exciting news as this year progresses.”