Wattbike seeks investment partner to drive global growth

Wattbike is seeking an investment partner to share in the benefits of its international expansion strategy.

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.

Following a period of growth, the company now seeks an investment partner to support strategic initiatives which include new product development and leveraging its leading 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.

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 important next phase of growth.

Piper, which invested into Wattbike in 2020, also plans to participate in this funding round.

Loftus said: “We are proud to be the most popular performance smart bike in the UK and see a huge opportunity, especially in the US, China, Japan and Germany, to continue growing our international customer base.

“We have a very exciting new product pipeline and a leadership team with the experience and vision to turn Wattbike into one of the world’s leading training platforms.

Read more: Our product highlights from Eurobike 2023

“We look forward to finding a partner who shares our passion for producing the most accurate and reliable smart bikes on earth and will enable Wattbike to accelerate our global expansion plans.”

Wattbike’s current suite of products comprises four bikes and the Hub, a fully integrated training and analysis app.

Data-driven performance improvement is the key USP of Wattbike’s offering, with connectivity that allows users to track their performance on the go.

In other news...

The top five jobs in the bike trade this week – 29th September

The BikeBiz jobs board helped filled over 740 positions in 2022, and listings are still …