British startup GIN E-Bikes announced it has raised €580k from Toloka.vc, a Ukrainian venture capital syndicate. The London-based manufacturer of hybrid e-bikes, co-founded in 2021 by Ukrainian Marina Vlasenko and Indian Rahul Pushp, recent investment marks a significant milestone.
GIN E-Bikes, known for its innovative e-bikes designed for long-distance journeys, will use the fresh funds to increase production and sales volume. The British startup plans to leverage this investment to enhance its manufacturing capabilities, meeting the rising demand for its hybrid bikes.
In addition to the financial investment, Toloka.vc is set to join GIN E-Bikes’ board of directors, bringing valuable insights and strategic direction to the startup. The due diligence process for this partnership was meticulously conducted by Baker Tilly, ensuring a robust foundation for collaboration.
The agreement between Toloka.vc and GIN E-Bikes includes a debt component, entailing quarterly interest payments to investors. This unique structure underscores the commitment to mutual growth and success. Thanks to this strategic investment, GIN aims to boost production and sales to 200 units per month by the end of 2024, meeting the growing demand for its innovative e-bikes.
The infusion of capital will support GIN’s expansion into the Polish and Ukrainian markets, bringing its cutting-edge e-bikes to a broader audience. The startup also plans to launch a cargo bike model tailored for delivery drivers, catering to services like Glovo and Uber Food. Finally, all GIN E-Bikes will be equipped with carbon and folding frames, enhancing portability and providing users with versatile transportation options.
Toloka.vc, founded in May 2023 by Oleksandr Kolb, Ihor Shoifot, and Taras Kyrychenko, is a
Ukrainian venture capital syndicate dedicated to fostering innovation and growth. With a
diverse portfolio, Toloka.vc aims to support promising startups and contribute to the
development of groundbreaking technologies.
Read the orginal article: https://www.eu-startups.com/2024/01/london-based-gin-e-bikes-raises-e580k-to-speed-up-production-capabilities-of-its-hybrid-bikes/
