Entrepreneur Raises £235k Through Angels Den To Develop World’s Lightest Electric Bike
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An IBM Global entrepreneur with a family history in bicycles has raised £235,000 on Angels Den’s equity crowdfunding platform.
After being challenged by his father to see if he could design and produce an electric bike with that both looked and rode like a normal push bike, 29 year-old Neil MacMartin, founder of FreeFlow Technologies will turn his product prototype into a sellable range; which is proven to be the world’s lightest power to weight electric bike.
Neil MacMartin, whose father has run a bike shop in Glasgow for the past 39 years, first approached the team at Angels Den with a view to securing investment to help further his venture and initial prototype in the electrical bike marketplace.
The bike itself, which would look like a typical push bike to the naked eye, features a unique gearing system, motor, motor controller and battery which are all integrated into the down tube of the bike frame. As a result of this, the bike uses a third less raw material during its construction and would therefore be the lightest e-bike system on the market.
The funds raised from this round are to be used to bring the patent published specialist gearing and motor control system to the market; along with setting up the licensing agreements and a robust supply chain for the further growth of product lines.
Neil made the following comments:
“People stated to me that what I was trying to do is impossible and can’t be done. However, once they try what I have made and see how it works, they are usually left amazed… It rides like a normal bike when not powered, looks like a normal bike, is simple to get spare parts for and is easy to repair. The Saltire City is simply the most sophisticated e-bike built to date anywhere in the world.”
James Shepherd, the Lead Investor and NED, said:
“The technology we’ve developed is a potential game changer – we’ve received a very positive response from the industry at the Eurobike show.
Bill Morrow, Co-Founder and Director of Angels Den, made the following comment on the financial success of FreeFlow Technologies:
“Our expert Angels have clearly taken on board the uniqueness and innovation of Neil’s product, and have decided it is a sound financial investment for the future. Not only does the bike help to solve issues that may have previously prevented the growth of the electric bike market, the fact that it is 8kg lighter than the average e-city bike, at 14kg, is another great selling point. We believe it will open up their product lines to a much wider range of consumers and target audiences.”