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SIGNA Sports United leads investment in UK firm Buzzbike

Sports e-commerce and tech platform SIGNA Sports United has taken a stake in UK bike subscription service, Buzzbike, as part of its platform expansion strategy.

Within the new partnership, Berlin-based SIGNA Sports United (SSU) will support Buzzbike’s bike development and become its exclusive bike supplier. 

The London start-up Buzzbike offers a monthly membership package, which includes a premium city bike, lock, on demand maintenance, theft protection, events and an app with cycle friendly turn by turn navigation.

In the Buzzbike’s view, the combination of the full service offering and flexible subscription significantly reduces barriers to start cycling and removes many of the friction points associated with owning a bike. 

Meanwhile, with more than seven million active customers, SSU will bring Buzzbikes’ unique model to riders in more cities across Europe and the United States.

Commenting on the latest funding round, Tom Hares, chief exec and co-founder of Buzzbike, said:  “We believe bikes can unlock solutions to some of the biggest issues facing our cities, such  as congestion and air pollution. By making it simpler to start and keep riding, we have the  opportunity to transform the cities of the future.”

“We are delighted to have found a partner in  SSU with global scale that shares our vision, to help bring Buzzbike to thousands of new  customers across the world. Funds will be used to accelerate development of a new cutting edge e-bike, grow our world class team and further evolve our technology and services”. 

Anton Oliver, SSU’s Head of Corporate Development and M&A, added: “We see huge potential in the bike market  in cities around the world, particularly in the US and Europe.”

“The broadening scope of  government green agendas and infrastructure spending is resulting in an e-mobility  revolution and a boom in e-bikes that will continue to accelerate for the next decade. We  also see a sizeable increase in individuals wanting to use biking more for commuting and  getting around cities for health, environmental and efficiency reasons.” 

Other investors include leAD Sports, a leading sports & health tech fund and accelerator based in Berlin and smart city Lake Nona, Florida, described as the city of the future and the  base from where Buzzbike will expand into the US market.  

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