London based e-bike startup ‘bucking the trend of the micro mobility downturn’

Over the past two years, the micro-mobility sector has experienced significant fluctuations. It transitioned from a post-pandemic boom, witnessing a 45 per cent growth in sales of cycles and cycling accessories, to a challenging period which saw key players such as VanMoof declaring bankruptcy.

Amidst this ‘turbulent’ landscape, Swytch Technology, a startup offering a battery-sized e-bike conversion kit that can transform any bike into an e-bike, has demonstrated resilience. To this extent the e-bike company recently announced securing a total funding of £3.4m to support the expansion of its stock levels.

The London based startup has grown rapidly since its formation in 2017, and expects to reach 100,000 customers by the end of 2024. Setting itself apart from other traditional e-bikes due to not being an e-bike itself but modular in its ability to transform any bike into an e-bike including Bromptons and cargo bikes.

It is the “convenience and affordability” of the battery-powered kit which had distinguished it from competitors and fuelled its international expansion, with 60 per cent of its sales to customers outside the UK, with a significant presence in North America (30,000 customers), Europe (12,000 customers), and other parts of the world (3,000 customers).

Currently, Swytch holds the position of the best-selling e-bike conversion kit in the UK, surpassing all other e-bike competitors and commanding an 8 per cent share of the entire e-bike market. Notably, in the US market, an estimated 1 in 66 e-bikes sold is a Swytch kit as of 2022.

With the recent funding injection, the company plans to further expand its presence in the UK, US, and European markets. This expansion includes reducing delivery times and establishing new retail partnerships, enhancing accessibility for customers who wish to purchase kits directly from stocked in-store locations.

CEO and co-founder, Oliver Montague, commented: “This is an exciting time for Swytch. Consumers are looking for more affordable and sustainable transport options, and the Swytch Kit is the ideal solution for those who already have a bike, but want the benefit of electric power to increase their range and the convenience of cycling.

“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 grow significantly our existing network of retailers.”

By Matthew Neville – Senior Correspondent, Bdaily

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