Riding high: havebike – UK’s first collect and return bike repair service – prepares for national expansion
May 25, 2021 - by Fusion Media Client News
havebike, Britain’s first collect and return bike repair service, has launched its first round of public investment as it begins expansion across the UK following years of rapid growth and fuelled by the recent surge of every day cyclists. The London-based business is inviting the cycling community and the wider public to join them on their journey, seeking upwards of £500,000, having already raised over 80% of the target amount.
Founded in 2010, havebike has established itself as the industry leader in servicing bikes, disrupting the status quo with its tech-enabled business model that has allowed rapid upscale of its collect, repair and return model. Customers choose from three different levels of service online and have their bike returned – running like new – within 48-72 hours. Since 2019 havebike has grown its Business to Consumer (B2C) model revenue by over 400% and has well established Business To Business (B2B) contracts for fleet bicycle supply and maintenance. The company is responsible for London’s Police and Ambulance bicycle fleets, which has over 2,500 bicycles serviced and maintained by havebike.
With a pre-investment valuation of £6.5 million, havebike is expanding its national footprint and progressing the business in several facets that includes mobile servicing. From a budgeted £1.8 million revenue this financial year, havebike believes this round of investment can help grow revenues to £10 million by 2023.
With cycling seen as a vital tool to help turn the tide on climate change through sustainable transport, and bikes keeping millions of people fit and healthy as a sport or leisure activity, havebike is upscaling to cater to the high demand for bicycle service and repairs. Already established across London and the Home Counties, havebike will open workshops in major cities across the UK, aiming to have several in operation by 2023. To support its physical presence, the company will launch ‘havebike at home’ with a fleet of mobile repair vans catering to businesses and customers where it’s not feasible for their bikes to be serviced at a physical workshop.
havebike founder and CEO Nick Brown said, “havebike was created as a solution to the dread people feel when their bike has suffered a mechanical problem. We want to remove the hassle, inconvenience and uncertainty of bike repairs so that people can get back to turning their pedals as soon as possible. We are an ambitious company with plans to be cycling’s equivalent of Kwik-Fit, and I know that our technology, industry expertise and scalable model will allow us to be successful.”
Initially focused on B2B contracts across London’s emergency services and bicycle share fleets including Santander Cycles, havebike launched its collect and return bike service to access the B2C market in 2014. From its central London workshop, havebike operates 7 days a week with almost 30 full time staff. It is the only bicycle servicing company with a Shimano Service Centre accreditation in the UK and Europe and is the authorised service agents for Canyon and Ribble.
For more information on havebike’s crowdfunding campaign and to join the ride, visit, www.seedrs.com/havebike.
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