UK-based Spoon Group — which produces customized bikes — announced an ambitious funding round of $760k to accelerate their growth.
Enterprise M3 is a long-term debt partner and institutional investor. They matched £740k in funding after a private £300k round.
The bike company is worth $4.9 million after recent closing.
Performance E-bike In 2023
The company plans to use the funds to grow their team, improve customer experience and further develop their road and gravel bike portfolios.
The company plans to develop a new performance electric bike in 2023. They hope this will allow them to capitalize on the e-bike boom. Additionally, they plan to increase their international customers by increasing brand recognition and availability.
According to Andy Carr, the CEO of Spoon Group, cyclists can get more out of their equipment when it’s tailored to their bodies and specific needs. He stated that recent reviews proved that Spoon Group can compete with the biggest brands in terms of performance. With new funding, Carr hoped to shift more customers away from generic equipment towards bicycles that are perfectly fitted, constructed and finished.
Custom Bike Approach
When Chris Houghton quit his position as Ovo Energy’s head of retail to establish Spoon Group, it was motivated by his desire to revitalize WyndyMilla bike company. Andy Carr — founder of Spoon Customs — led this new initiative.
Spoon Customs focuses on individual cyclists browsing for the best bike riding experience. Their designs are custom made and require a detailed conversation between the brand and customer. Many touchpoints are included in the design process to ensure a personal experience during both purchasing and owning a Spoon Customs bike.
Spoon Group’s newest bike is the Spoon Vars Disc. Its reviews have earned five stars and it is an entirely new carbon made-to-measure road bike. Every detail has been considered in its fabrication and finishing, which also provides a perfect fit.
The FSE Group’s Investment Manager Paul Lyristis says, “We were very impressed by Spoon’s success and the experience of its senior management team and investors. The fund has supported this business since 2016; it’s great to see their growth thanks to excellent products that have been gaining popularity. We’re pleased to invest in Spoon with the help of Andy, Chris and the rest of their management team. We hope to help them grow even more with our help.