Posted June 06, 2018 08:13:38The bicycle toolkit from the makers of Bicycle, a pedal-powered bicycle that looks like a bicycle and is capable of carrying up to 12 people, has raised $4,9 million in a Series A round led by San Francisco-based investment firm First Capital.
The $1.8 million round, led by New York-based firm First Ventures, includes participation from other venture capital firms including Kleiner Perkins Caufield & Byers, Andreessen Horowitz, and New York Stock Exchange Group Inc.
Bicycle is powered by a pair of carbon fiber-reinforced wheels, with a single cable running through the handlebars to allow for easier maintenance.
The wheels are equipped with a carbon fiber fork and stem that helps with stability, and the company has said that the bike’s lightweight, easy-to-move design will help with its long-distance trips.
Bike maker FujiBike, which started out making bicycle-related products, said in a statement that it plans to invest in “new, high-quality bicycles” for customers who prefer to buy the bikes.
FujiBikes began manufacturing the bike last year and is now in production in over 40 countries, including China, where the bike is already in use.
The company has launched a pilot program in India and is expanding its business in Southeast Asia.