Cycle Exchange Receives GBP 2.4 Million from Beringea

Cycle Exchange received GBP 2.4 million from Beringea. The investment will help grow the business across the UK. It will also support better refurbishment and tech improvements.

Funding details: GBP 2.4 million (Unspecified)

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Beringea invested GBP 2.4 million in Cycle Exchange.

Beringea is a transatlantic venture capital firm.

The cash will help Cycle Exchange spread out more in the UK. It will expand refurbishment and servicing operations. The company will also work on its technology platforms.

Kiu Kim, investment director at Beringea, said Cycle Exchange has become the leading resale platform for high-end bikes in the UK quickly. The focus on refurbishing bikes to like-new condition shows in customer reviews and partnerships with brands like Pinarello, Brompton, and British Cycling. The model has good economics, supports sustainability, and offers better value to customers.

Matt Connelley, founder and CEO of Cycle Exchange, said the team has built the expertise and systems for a quality pre-owned platform over years. This investment lets them expand operations, improve customer experience, and strengthen technology.

Cycle Exchange runs a resale platform for premium pre-owned bikes. Customers can buy, sell, or exchange road, gravel, and mountain bikes along with parts and accessories. The company works online and in-person through a facility in South West London and partner outlets across the UK.

Source:- Beringea announcement.