Apex Rides, the consumer smart bike and app concept launched during the lockdown, announced today that it has raised £ 3 million in its opening round.
The increase will support the brand’s goal of shaking up the traditional indoor bike market, including bringing consumers UK content and hardware at a lower price.
After an initial pre-sale campaign launched in April 2020, Apex Rides has already had a significant impact on the industry, generating 2,500 pre-orders for the bike over a six-month period, allowing the founders to run a successful fundraiser.
The capital tied up by investors shows confidence in the growth of this area and solidifies Apex Rides’ position in the market. Investors include Sir Rod Aldridge, founder and former CEO of Capita, and Eddie Jordan, OBE, former boss and entrepreneur of the Formula 1 team.
With the rapidly growing home fitness market now further charged by the ongoing national lockdown, consumers are migrating towards digital fitness and home fitness more than ever.
The Apex Rides app is an exclusive partnership with London-based spin studio Boom Cycle, bringing consumers UK-class content and music not offered by any of its competitors.
This capital injection will accelerate the development of apps and hardware, the creation of larger content, and ultimately fuel international expansion. Based in the UK, Apex Rides was co-founded in October 2018 by Simon Cook and Charlie Lucas with backgrounds in technology and finance.
Simon Cook, Co-Founder of Apex Rides, said, “When we started building a brand for Apex, we wanted to create something inclusive and encouraging against the competition and the athletic players in the market. We have also spent a lot of time on both the functionality and design of our bike and aesthetically upgraded the usage style of the traditional exercise bike. The support of our investors will enable us to drive our growth, expand our product range and innovate even further. We believe the home fitness market in the UK and for Apex is still in its infancy – it’s just the beginning. “
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