Ukrainian venture capital syndicate Toloka.vc is investing £510,000 in a British electric bicycle company with a Ukrainian co-founder, Gin reports.
Gin was founded in 2022 in Reading, a suburb of London. The startup is co-founded by Ukrainian Marina Vlasenko and Indian Rahul Pushp. Gin produces hybrid bicycles for long-distance travel.
The startup has successfully raised an investment of £510,000 from Toloka.vc. The funds will be used to expand production and increase sales. Toloka.vc leads the investment round and becomes a member of the startup’s board of directors. Due Diligence (study of the investment object) is carried out by Baker Tilly. It is important to note that the deal includes a debt component, which provides for regular quarterly interest payments to investors.
The funds raised will be used for several key areas of the startup’s development:
- Increase production and sales: the company plans to reach an impressive 200 units per month by the end of 2024. This includes not only increasing production volumes, but also effective measures to strengthen sales.
- Expansion of production capacity in Poland and Ukraine: the strategy includes active entry into new markets, particularly in Poland and Ukraine, to expand our production capabilities and increase our presence.
- Launch of a cargo bike model for delivery services (Glovo, Uber Food):Ми plans to expand its product range by launching a special cargo bike model that will be optimised for the needs of drivers of delivery services such as Glovo and Uber Food.
- Equipping bicycles with carbon and folding frames: In order to increase portability and market competitiveness, we plan to use carbon and folding frames for all of our bicycles. This move is aimed at improving the lightness and usability of our products.