Green Angel Syndicate leads investment into pioneering e-bike company, Swytch Technology
Green Angel Syndicate (GAS) is delighted to announce its latest investment in state-of-the-art e-bike company Swytch Technology. GAS is the largest single contributor in a round that includes investments from the Startup Funding Club, Angels Den and the London Co-Investment Fund, with a total investment of £795,000, valuing the company at over £2.5 Million.
E-bike demand is soaring with over 1.67m unit sales of electronically power-assisted cycles (EPAC) in Europe in 2016, a rise of 1,700% in just ten years. Swytch is now targeting the EU which is 15-20 times larger than its home UK market, and the USA which has seen explosive growth of up to 70% in volumes each year for the last three years.
Swytch makes and sells e-bike kits that convert existing bikes to electric power-assisted. This, the first truly affordable e-bike kit system, is the result of 4 years of engineering innovation to bring down the cost of building reliable, high-performance electric bikes.
The Swytch system can be retro-fitted by consumers to any bike, old or new, big or small avoiding the inconvenience and expense of taking ones bike to a specialist. The Swytch motor wheel adds just 1.5kg additional weight and leaves it so that it looks and rides exactly like a regular bicycle The power bag, weighing just 2.2kg, can be fitted in an instant when you want to ‘Swytch’ to electric power.
James Heath, GAS Board of Advisors member, says “Green Angel Syndicate was immediately attracted to the Swytch team and their excellent technology. This is exactly the sort of business which the world needs: it encourages mobility, reduces pollution, and uses fewer resources than cars or traditional e-bikes.”
Oliver Montague, CEO and co-founder of Swytch says “This investment is perfectly timed and will allow us to capitalize on the huge opportunity that we see in the electric bike market for a new entrant to bring down the cost and make eBikes accessible to all. In particular in the UK, where the majority of people still haven’t even experienced the thrill of riding an electric bike. Our vision is to be THE brand to introduce electric bikes to the mass-market in the UK, EU and USA, so that they become a way of life for many people and contribute to reducing our reliance on fossil fuels.”
About Green Angel Syndicate:
- Green Angel Syndicate is the only specialist green angel syndicate in the UK, made up of a network of smart investors who are committed to the transition to a greener economy. We support early stage technology companies developing products and solutions specifically for a more efficient and sustainable use of global resources.
- If you want to find out more about becoming a green angel, contact Nick Lyth at [email protected]
For press information contact Nick on 07802 150053
About Swytch www.swytchbike.com
London-based Swytch Technologies are a team of talented designers and engineers creating e-transport products. Their latest innovation, an e-bike conversion kit, is the most advanced kit currently on the market – just half the size and weight of its closest competitors. An electric motor in the specially built front wheel is discreetly linked up to a lightweight, discreet and removable battery with a range of 25 or 50 miles. The simple design means you can switch between traditional and electric bike in seconds. The team has also created a range of seven electric bikes including a low rider, a bamboo carbon and Penny Farthing. Swytch Technology create innovative products that are set to revolutionise the market with smart and accessible design. www.swytchbike.com
- Revolutionary new product – Lightweight, compact and removable e-bike battery that is the lightest, cheapest and most discrete option on the market.
- Can be retrofitted to any bike – Your bike, electrified. The only thing you need to change is the front wheel. Otherwise it’ll ride like that same bike you know and love.
- Easy to fit – Initial setup only takes around ten minutes. Once that’s done, you’ll be able to effortlessly switch between normal bike and electric bike in seconds.
- Integrated LED display – showing 5-step battery level, 5 step pedal assistance modes, on/off button, toggle button for front light, and 6kph walk mode. Alternative advanced LCD with backlight and full on-screen live trip info including speed, distance and trip time.
- Two battery types – Two different battery types based on your personal requirements and journey type – 250W (an average of 25 miles per single charge) and 500W (an average of 50 miles per single charge)