We couldn’t have done this without you!
Our StartEngine campaign just came to a close, and what a success! Over $220K was raised through investments and we’ve begun implementing key improvements already- Woo Hoo! We continue to be amazed and humbled by the incredible support for Bike Friday’s mission. To everyone who supported our campaign- thank you! Because you believe in us and the wonderful things that we offer the world we now have the opportunity to expand a grow our business in ways not previously possible.
Here’s what happens next!
With the Working Capital from this campaign we will begin (and already have begun) making many valuable improvements to our business:
- Utilizing the slow season to build popular bikes into inventory for peak demand
- Purchasing materials in larger quantities to get better margins
- Ramping up our R&D of a variety of e-assist options, available for sale or retrofit onto existing Bike Fridays
- Hiring additional engineering and sales staff
- Expansion of new income streams like consignment, leasing, and rental
- Partnering with Big Box retailers like REI, Dick’s Sporting Goods, and West Marine
Stay tuned for more updates!
We have some exciting news to share with you about the progress of our e-assist options, but we’re not quite ready to unveil it. We’ll keep you posted on the developments as they “unfold.”
Thank you again to everyone who invested or helped to spread the word about our investment campaign. We are just so grateful (and excited) to be able to jump in and start making these big improvements here at Bike Friday!
Hanna Scholz and the Bike Friday Team