Green Angel Syndicate, the UK's largest network of specialist investors fighting climate change, is pleased to announce the close of a £3.8M investment round into Swytch.
The funding will be used to launch Swytch's brand new product: the world's first pocket-sized eBike battery, which converts any bicycle into an electric bike.
The new Swytch eBike conversion kit features a pocket-sized battery (the "Power Pack") which is similar in size to a large smart-phone. The battery provides 250W of power and enough range for your daily commute, whilst weighing only 700g (1.5lb) and can be recharged in around 1 hour.
The new Swytch Kit is the result of world-class engineering and design to create a truly revolutionary product that brings affordable cutting-edge technology to the eBike market. Consumers can up-cycle their existing bike, making it electric and reducing waste, but with the added benefit that the cost will be around 4x lower than the price of an eBike with equivalent specifications.
Swytch is already a leader in the eBike market through the success of their existing version of the Swytch Kit (launched in 2019) which contains a "palm-sized" battery weighing 2kg (4.4lb). The Swytch Kit is already one of the best-selling eBike products in the UK, having sold over 9,000 units in 2020, making it responsible for over 5% of the entire eBike market by volume*.
GAS CEO Cam Ross says: "It's been fantastic to see the growth of Swytch since our initial seed round investment in 2018. Congratulations to Oliver, Dmitro and the whole team – this new product is a hugely exciting development for the eBike market."
This latest round of funding will be used primarily to invest in people and grow Swytch's team, as well as to scale up their manufacturing and supply chain to increase production capacity in order to keep pace with their rapid growth in demand. Other investors include Calyx Venture Fund, One Planet Capital, Startup Funding Club, members of the Angels Den, Wealth Club, and Southern Angel Investors Club (SAIC).
Swytch's CTO and Founder, Dmitro Khroma comments: "Our new improved Swytch kit is a game-changer. It is going to totally disrupt the eBike industry because it is so much lighter, smaller and more affordable than anything else out there."
Swytch's CEO and Founder, Oliver Montague, says: "Our job as innovators is to make environmentally-friendly technology that people want to use because it is cool! That way, a global change to a more sustainable way of life will happen naturally."
The official launch date for the new Swytch Kit has not yet been announced, but is anticipated in May. To learn more and watch Swytch's pre-launch video, visit https://www.swytchbike.com/comingsoon
*(based on 170,000 total eBike sales in the UK in 2020, source: Mintel)
**Risk disclaimer: Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. Even when diversified within a fund, investing in early stage companies carries a higher risk than investing in more established companies. Investment in EIS and SEIS funds should be considered as part of a diversified portfolio. For professional investors only.