Swytch, the e-bike conversion startup based in London, has raised £3.4m in new funding. This most recent injection will be directed towards strengthening stock levels for the brand's 'Swytch Kit' and advancing its presence in growing e-bike markets. The funding was secured from a diverse group of both existing and new angel investors and funds, along with contributions from individual investors.
"The main barrier to our growth in recent years has been our inability to fulfil the incredible demand for our product with a quick delivery time. This new funding solves that and will allow us to offer near-instant delivery to customers in 2024, and to significantly grow our existing network of retailers," Oliver Montague, CEO of Swytch, told Bdaily News.
Swytch first introduced its lightweight kit for turning a regular bike into an e-bike in 2017 and has quickly gained popularity since. In September, it introduced Swytch Go - an even more affordable e-bike conversion kit.
The company has long been operating with a pre-order model, which meant that customers paid a deposit to secure their order, after which the kit was tailor-made to fit the individual's bike. The long delivery times led to criticism of the model – which prompted a change in approach earlier this year.
Currently, Swytch says it has about 75,000 customers – of which more than half are outside the UK – and is expanding by an average of 2,000 customers monthly. The fresh funding is hoped to also boost expansion further into the UK, US and European markets and aid in forging retail partnerships for in-store kit sales.