MADRID (BRAIN) — Spanish e-bike brand Crow Bicycles secured its first investment round, which it said it will use to consolidate international growth and further develop its lightweight R&D capabilities.
Nuflis Investments pledged 300,000 euros ($325,000) to Crow Bicycles, which launched last year through an international crowdfunding campaign. It will introduce a line of "premium e-bikes" by summer's end and available through a direct-to-consumer sales model.
Last year, Crow offered a four-model range of "ultralight" e-gravel bikes available only through the crowdfunding campaign, with pricing beginning at under $2,900. The company is focused on developing a line of e-bikes to perform with or without assistance, spec'ing models with the Fazua removable electrical system. For example, it said the Ride 50 Trail model will allow the rider to shed the electric system and save 6.6 pounds.
"Our goal is to change the game and evolve the concept of e-bike and the business model to get more people to ride a bike," said David Toledo, Crow Bicycles' founder and CEO. "The first step is to offer users attractive and highly technological bicycles that engage and get them a smile every time they use them. Every kilometer (ridden) by bike or every day that they use the bike instead of the car is a victory for us and the environment."
In a news release announcing the investment, Crow said it is committed to producing in Europe, collaborating closely with regional suppliers. The team consists of veteran industry experts from Spain and the U.S. with a collective 16 years of industry experience..
