Circular economy start-up, the Bike Club, raises over £1 million seed round led by the founder of Fitness First.
the Bike Club, a subscription lending business, has raised over £1m in a seed round led by the founder of Fitness First. Co-Founded by James Symes and Alexandra Rico-Lloyd, the financial technology company provides pay-monthly kids bikes which you exchange as your children grow.
With thousands of members nationwide, the Bike Club is bringing the subscription model to bicycle ownership. Members simply subscribe to a bike and then can choose to exchange, own or return it.
This form of subscription lending offers a sustainable alternative to purchasing high-quality goods and is the first financial service to target the circular economy.
The funding will help the company begin to scale their hugely popular service. It will allow them to make further investments into technology and the team, growing to be the largest private rental network in the UK.
Speaking of their recent funding round James and Alexandra said: “It’s great to have brought in such a distinguished group of investors. In much the same way Fitness First pioneered health clubs, we want to bring the club model to the bike industry.”
the Bike Club was founded in 2016 to bring disruptive consumer finance ideas to bicycle ownership. Co-founded by husband and wife team, James Symes and Alexandra Rico-Lloyd. James previously worked for global accountancy firm KPMG, in various roles including as Associate Director to the Chairman of the UK firm. Alexandra comes from an operational technology background and previously worked for Mayor Boris Johnson. To discover more about the Bike Club visit the website.