Funding

[Funding alert] GIN E-Bikes Raises £510,000 in Funding

Jan 2, 2024 | By Startup Rise EU

GIN E-Bikes Raises £510,000 in Funding. GIN E-Bikes, a UK-based company founded in 2022, specialises in building hybrid bikes suited for long-distance riding. Rahul Pushp and Ukrainian businesswoman Marina Vlasenko co-founded the business.

GIN E-Bikes Raises £510,000 in Funding. GIN E-Bikes, a UK-based company founded in 2022, specialises in building hybrid bikes suited for long-distance riding. Rahul Pushp and Ukrainian businesswoman Marina Vlasenko co-founded the business.

Toloka.vc, a syndicate of private investors based in Ukraine, provided the funding. The group has made over 300 investments totaling over $200 million, involving 20 exits and investments in 10 unicorns.

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At a low cost of £999, the original GIN X E-Bike established a new benchmark in the market as an all-purpose premium e-bike. The company launched its second bike, the £1190 GIN X E-Bike with an Integrated Display, in December.

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The funding infusion will allow the introduction of a customised cargo bike model intended for delivery drivers (such as Glovo and Uber Eats). In order to enhance portability, all bikes will have folding and carbon frames.

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Moreover, the money will aid in increasing sales and production volumes, with a goal of achieving 200 units per month by the end of 2024. In order to strengthen its standing in the European e-bike market, the company also plans to enter the Polish and Ukrainian markets.

About GIN E-Bikes

GIN E-Bikes, Avoid traffic to save time on your daily commute to work. By encouraging electric bikes, parking concerns are eliminated. E-bikes help you ride farther and burn more calories, which enhances your health. They also lessen carbon footprints and help the environment.

Read also - London-based Labrys Technologies Secures $5.5M in Seed Funding

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