Seaya Andromeda, a €300 million Pan-European climate tech growth capital fund, has acquired a majority stake (70%) in Zyclora/Bike Ocasión, Spain’s leading refurbished bicycle omnichannel retailer and a major player in the European market. This acquisition aims to accelerate the company’s growth and broaden its presence in strategic European markets.
This investment aligns with Seaya Andromeda’s mission to foster growth in the circular economy and sustainable mobility sectors. Since its foundation in 2015, Zyclora has redefined the refurbished bike market by offering guaranteed quality and attracting a diverse clientele of cycling enthusiasts and professionals.
Zyclora co-CEOs Juan Carretero and Borja Mesonero-Romanos expressed their enthusiasm for the partnership: “We are delighted to embark on this new chapter with Seaya Andromeda, a partner who fully aligns with our vision of making cycling more accessible and sustainable. Their expertise in circular economy business models will be instrumental in driving our growth and scaling our operations.”
Zyclora’s business strategy is built on three core pillars: exceptional value, offering discounts of 30% to 70% compared to new bicycles; a wide variety of over 1,000 unique bicycles in stock; and guaranteed reliability with a rigorous refurbishment process carried out by a team of 25 professional mechanics. A solid warranty backs all products to reinforce the company’s commitment to quality and customer satisfaction.
These strengths have positioned Zyclora as a leading player in the sector, with over 15,000 bicycles sold and expected revenues exceeding €13 million this year. Beyond its strong foothold in Spain, under the name Bike Ocasión the company operates in key European markets, including France and Italy, with recent expansion into Germany. With Seaya’s capital infusion and its proven expertise in similar business models like Clicars, Zyclora aims to accelerate its growth into additional European markets, open new physical stores — beginning with a flagship location in Madrid in 2025 — advance its digitalisation strategy, enhance refurbishment capacity, and expand its product portfolio.
Carlos Fisch, Partner at Seaya Andromeda, commented: “At Andromeda, we are committed to supporting businesses that drive meaningful, positive change. We see a tremendous opportunity for Zyclora to drive Europe’s transition to sustainable mobility through the circular economy. This transaction represents our first majority transaction within this fund, highlighting our flexible mandate — being able to invest through majority or minority stakes, primary funding rounds, or secondaries.”
Borja Rosales, Principal at Seaya Andromeda, highlighted Zyclora’s growth trajectory: “In recent years, Zyclora has emerged as one of Europe’s leading bicycle re-commerce companies, with a strong presence in Spain, France, Germany, and Italy. We are confident that, through this partnership, we can strengthen its market leadership and elevate it to a global benchmark in the industry.”
The deal also includes the participation of Carlos Rivera, co-founder of Clicars, who will bring his expertise in scaling circular economy businesses to help establish Zyclora as a leading player in the market.
Read the orginal article: https://www.eu-startups.com/2024/09/seaya-andromeda-acquires-majority-stake-in-barcelona-based-bike-ocasion-to-accelerate-european-expansion/
