The investors who supported the round are Sir Rod Aldridge, founder and former CEO of Capita, and Eddie Jordan, OBE, former boss and entrepreneur of the Formula 1 team.
The funds will be used to accelerate the development of apps and hardware, as well as the creation of richer content, and to drive international expansion.
2500 pre-orders in 6 months
After an initial pre-sale campaign that started in April 2020, Apex Rides generated 2,500 pre-orders for the bike over a period of 6 months.
Apex Rides was founded in 2018 by Simon Cook and Charlie Lucas and offers home training at a cheaper price. The company has worked exclusively with London Spin Studio Boom Cycle too.
How does it work?
With the help of Bluetooth technology, Apex riders connect their bikes to the Apex Rides app via their iPad or iPhone – and can also broadcast it on their TV screens.
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Unlimited Apex courses are available both live and on-demand in the Apex Rides app for an affordable subscription and available 24/7.
Up to six different profiles can be added to an account so that roommates and family members can split the cost and share the fun. The app is gamified and offers its drivers challenges so that they can compete with other drivers and keep motivation high.
The bike is offered in four neutral colors (black, navy, sand and fog) to suit different interiors.
Simon Cook, Co-Founder of Apex Rides, says, “When we started building a brand for Apex, we wanted to create something inclusive and encouraging that would go against the competitive and athletic players in the market. We also spent a lot of time on both the functionality and the design of our bike and aesthetically upgraded the usage style of the traditional exercise bike. We believe the home fitness market in the UK and for Apex is still in its infancy – it’s just the beginning. ”
Charlie Lucas, Co-Founder of Apex Rides, comments, “Although we have been working on Apex Rides for over two years and already had confidence in the growth of the sector, the unusual circumstances we are currently facing have accelerated things exponentially. Consumers are adapting and looking for fun and convenient ways to exercise from home. This unparalleled interest in home fitness helped us tremendously with our fundraiser. ”