2023 was a challenging year for many mobility companies, but I wanted to share the recent news that GIN E-Bikes has raised £510,000 in investments.
Established in 2022 in the UK, GIN E-Bikes specialises in producing hybrid bikes designed for long-distance journeys. Ukrainian entrepreneur Marina Vlasenko and Rahul Pushp co-founded the company.
The original GIN X E-Bike set a new standard in the market as an all-purpose premium e-bike available at a budget price of £999.
In December, the company launched its second bike, the GIN X E-Bike with an Integrated Display, priced at £1190.
The GIN X E-Bike’s most prominent feature is its integrated display within the handlebar.
The funding comes from Ukrainian investment company Toloka.vc, a syndicate of private investors that has made over 300 investments to the value of over $200 million, including 20 exits and investments in 10 unicorns.
The infusion of funds will support the launch of a specialised cargo bike model catering to delivery drivers (e.g., Glovo, Uber Eats).
Additionally, all bikes will be equipped with carbon and folding frames, enhancing portability.
The funding will also help ramp up production and sales volumes, with a target of reaching 200 units per month by the end of 2024.
The company also aims to expand its market presence into Poland and Ukraine, further solidifying its footprint in the European e-bike landscape.
The investment agreement includes a debt component, translating to quarterly interest payments to investors.
Lead image: GIN E-Bikes. Photo: uncredited.