ANTWERP, Belgium (BRAIN) — Classified Cycling has raised 22 million euros ($22.9 million) from an investment led by London-based Active Partners. Active Partners is a past investor in Rapha and retailer Evans Cycles.
Classified makes performance two-speed internal hubs designed to be used with standard single-chainring drivetrains with multi-speed cassettes. The hubs are shifted wirelessly. Other investors in the company include retired racers Tom Boonen, Anna Van der Breggen, Andre Greipel and Marcel Kittel.
Existing investor Bridford Investments Limited also participated in the new round.
Classified works with more than 40 bike brands, 25 distributors and 300 dealers globally. In the U.S. the brand's products are distributed by Lucidity Business Development.
The company said the new investment will be used to strengthen business development with a strong focus on the U.S. and Europe markets. Classified also plans to expand into making drivetrains for e-bikes.
"Classified's Powershift technology is the first major technological improvement since Shimano and SRAM took control of the market," said Mathias Plouvier, co-founder and CEO at Classified. "Our innovation makes the experience of riding a bike so different from the current paradigm that it is almost magical. With our new investment and an appetite for disrupting the cycling industry we are well equipped to take our technology to riders around the world."
Nick Evans is a managing partner and member of the founding team of Active Partners. He led the group's investment in Rapha, where he has been chairman since 2006. Rapha was purchased in 2017 by RZC Investments, led by Walmart heirs Steuart and Tom Walton. Nick Evans was also executive chairman of Evans Cycles between 2008 and 2015 and he led the acquisition, growth, and sale of the 100-year-old UK cycling retail chain. Active Partners exited the business when it was sold in 2015.
