A Munich-founded marketplace for high-value, pre-owned bikes, buycycle is expanding its business to the US market.
The company was originally founded in 2021 by three friends who met through their love of cycling and found it extremely challenging to get hold of affordable beginner bikes, especially pre-owned ones. Buyers who gave money to a stranger met in an online marketplace risked their purchase not arriving.
In response is buycycle, which makes selling and buying pre-owned bikes as easy as riding them. It has over 15,000 pre-owned and refurbished bikes listed on its platform and is live in 30 countries. The company raised €3 million in seed funding in July this year.
The platform offers prices up to 70 percent off, and services include guaranteed buyer protection, first-class services, and insurance.
Pre-owned bikes gain traction in the US
75 percent of all bicycle sales in the US are in the sportbike segment. The market volume for new bikes in the US in 2021 was $12 billion and is expected to grow with a compound annual growth rate of 8.8 percent by 2030.
CEO and Co-Founder Theo Golditchuk explains:
“Since we launched buycycle in 2021, we have grown super fast across Europe.
The strong demand in the US took us by surprise – we noticed an uptick in organic sales, which showed us a big interest in pre-owned bikes and the need for a platform where people can buy and sell them safely and conveniently.
We have built a dedicated US team to launch the market and are incredibly excited to expand the success we have witnessed in Europe.”