Wattbike has secured £11.5m of new funding from Piper, a UK-based investment fund specialising in consumer businesses.
Wattbike was founded in 2007 and has grown steadily since then, moving more seriously away from professional gym environments and into the consumer space in more recent years. the consumer side of the business has seen more rapid growth. The company gives the example of April 2020 vs April 2019, where sales orders grew by 192% due in most part to the consumer reaction to lockdown. Growth figures so far this year have enabled the company to forecast total sales of £21m for the whole of 2020.
The key areas for wattbike, moving forward, are
- B2B – Nucleus and Atom X bikes
- Consumer – Atom Next Gen
- Wattbike hub app
- Supporting compatibility with Zwift and other platforms