All is not well in the e-bike sector. So far 2023 has thrown up more than its fair share of flat tyres and crossed brake lines as we’ve seen the likes of the VanMoof bankruptcy (and eventual acquisition by Lavoie), chatter about Flyer taking a nose dive, and of course, the tiff between Cowboy and eBikeLabs dominating the headlines.
And now, Finnish e-bike drive system Revonte has filed for bankruptcy and is selling its IP.
The startup successfully raised a €2 million Seed round in 2019 but has struggled to secure further funding forcing the decision. The unease in the e-bike market could be a result of the slowdown of sales post-Covid boom but it might also be about time there is some consolidation in the market — for companies like Revonte their hand has been forced in these trickier fundraising times.
Revonte kicked on in 2018 and is the manufacturer of the Revonte One e-bike drive system with an integrated, automatic stepless transmission and it claims the motor was popular amongst riders. The company has been trying to fundraise since 2022 in order to design the next stage of its e-bike motor, a new lighter-weight design.
Lead image: via Revonte. Photo: Uncredited.