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Wattbike, the training and fitness platform focused on indoor cycling, has secured third-party debt funding to help finance its international expansion strategy.
This strategy includes the launch of a new product and developing its digital offering.
With the new debt funding and backing of Piper, which originally invested in the business in 2020, Wattbike’s leadership team is in a strong position to unlock a series of strategic growth opportunities to support the brand’s next phase of growth.
The company recently boosted its senior management team, bringing in Stephen Loftus, previously chief commercial officer at Brompton, as CEO and sports market veteran Greg Nieuwenhuys as chairman.
Loftus said: “We are delighted to secure new debt financing to support the acceleration of our growth strategy. We have a very exciting new product pipeline and a team with the experience and vision to turn Wattbike into one of the world’s leading training platforms.”
AlixPartners UK acted as financial advisor to Wattbike and Piper in connection with the financing.
Earlier this year, Wattbike confirmed that it was seeking an investment partner to “share in the benefits” of its international expansion.
Following a period of growth, the company sought an investment partner to support strategic initiatives which include new product development and leveraging its position in the UK to expand further into North America, Asia, Europe and the Middle East.
Three quarters of Y/E 2022 revenues came from the UK, with the remainder from the rest of the world.
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The company has not been immune to the challenges facing many businesses which experienced accelerated growth during the Covid pandemic. But it is now in a position to bring in a strategic partner to support its next phase of growth.
Wattbike’s current suite of products comprises four bikes and the Hub, a fully integrated training and analysis app.
