HOME-FITNESS START-UP APEX RIDES SECURES £3 MILLION SEED INVESTMENT
TUESDAY 19TH JANUARY Apex Rides, the direct-to-consumer in-home smart-bike and app concept that launched during lockdown, announced today that it has raised £3million in its seed round. The raise will support the brand’s aim of shaking up the traditional indoor-bike market, providing consumers with inclusive, world-class UK content and hardware, at a more accessible price point.
Following an initial pre-sale campaign that launched in April 2020, Apex Rides has already had a considerable impact on the industry, generating 2,500 pre-orders of the bike over a 6 month period, enabling its founders to achieve a successful fundraise. The capital committed by investors demonstrates a confidence in the growth of this space, and solidifies Apex Rides’ position in the market. Investors include Sir Rod Aldridge, founder and former executive chairman of Capita, and Eddie Jordan, OBE, former Formula 1 team boss and entrepreneur.
With the rapidly growing home-fitness market now super-charged further by ongoing national lockdown, consumers are migrating towards digital and at-home fitness more than ever before. The market has been traditionally dominated by large, American players offering expensive, hyper-masculine products to consumers; Apex Rides provides a more affordable, British alternative with a clean, aesthetic design, uniquely offered in four colour-ways. Exclusively partnered with London spin studio Boom Cycle, the Apex Rides app provides the consumer with UK class content and music, not offered by any of its competitors.
This injection of capital will accelerate app and hardware development and wider content creation, and ultimately fuel expansion internationally. UK-based Apex Rides was co-founded in October 2018 by Simon Cook and Charlie Lucas, whose backgrounds are in technology and finance respectively.
Simon Cook, co-founder of Apex Rides, says, “When we began building a brand for Apex, we wanted to create something inclusive and encouraging, against the grain of the competitive and athletically-skewed players on the market. We also devoted a lot of time to both the functionality and design of our bike, aesthetically upgrading the utilitarian style of the traditional exercise bike. The support from our investors will allow us to advance our growth, expand our product offering, and enable us to innovate even further. We believe the at-home fitness market is still very much in its infancy in the UK and for Apex – it’s just the beginning.”
Charlie Lucas, co-founder of Apex Rides, comments,
“Although we’ve been working on Apex Rides for over two years and already had confidence in the growth of this sector, the unusual circumstances we currently face have accelerated things exponentially. Consumers are adapting and searching for fun and convenient ways to workout from their homes, and this unprecedented interest in the home-fitness space has helped us hugely in our fundraising. With this investment secured, we’re looking forward to developing our product portfolio further, building on our existing technology, and enabling us to offer new levels of immersiveness and connectivity.”
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About Apex Rides
Apex Rides is the newest and most inclusive home-exercise bike and app to hit the UK. With a distinctive aesthetic design, state-of-the-art technology, gamified app, and exclusive partnership with Boom Cycle, Apex Rides offers the ultimate in-home workout at a more accessible price. Using Bluetooth technology, Apex riders connect their bike to the Apex Rides app via their iPad or iPhone – and can also cast to their TV screens. Unlimited Apex classes are available both live and on-demand on the Apex Rides app on an affordable subscription basis, and are accessible 24/7. Up to six different profiles can be added to one account, so that housemates and family members can split the cost and share the fun.
The app’s in-class screens display power output, RPM and resistance, and real-time interactive leaderboards reward each rider with Apex points (calculated based on power output versus biometrics). The app displays the rider’s additional personal data including calories burned, total time, distance cycled, classes completed, and speed, and fully integrates with social media. The app is gamified and offers challenges to its riders, enabling them to get competitive with fellow riders and keep motivation high. The design of the bike has been carefully considered and brings elegance and finesse to a traditionally hypermasculine, aggressive product. With carved sculptural curves, the result is sleek and unisex with a clean visual aesthetic, so that the bike blends seamlessly into its surroundings. The bike is offered in four neutral colours (black, navy, sand and mist) to suit different interiors, and is compact and mobile, making it easy to move around the house.