London-based cycle retailer Velorution has so far secured over £513k from a second round of investment through Seedrs, the crowdfunding platform. The current campaign is expected to close in around 10 days time.
£625,744 of investment in 2016 led to Velorution opening retail stores in Hackney, Marylebone and Islington to serve the urban and electric bike market; the company says those stores turned over £500k in 2018.
The company will use the latest round of investment to roll out further branches dedicated to electric bikes, saying the current Velorution Electric store at Great Portland Street has “shown strong growth and profitability.”
The campaign profile states: “The strategy is simple: continue to roll-out the Velorution Electric format stores (with 2 planned for 2019), whilst growing the mixed urban and electric offering through our existing estate and e-commerce channels.”