UK-based startup Skarper, has scooped €5.3 million in funding, which brings the total amount raised to €15.2 million. This follows the £4 million funding raised back in 2023.
The round was led by Adjuvo, which recently backed Flip and Zen Educate. It also saw participation from existing investors Resilion Chairman Yaron Kottler, global consumer product manufacturer Starry Group and mobility technology investor Mobilitech Capital.
Plans for market launch
The company, backed by six-time Olympic cycling champion Sir Chris Hoy, develops a patented device, which can turn a regular bike into an e-bike and vice versa in just a single click.
It will use the investment to deliver its first products to the market in Q4 this year. While it initially plans to deploy its products in the UK, it will focus on a European expansion next year.
Adjuvo CEO Mark Foster-Brown said: “Skarper is set to establish itself as a major player and novel part of the fast growing e-bike market with a unique device that could revolutionise the sector. Cycling is a $100 billion industry and is only forecast to grow as new assistance technology is developed to enable more people to use it both as a form of transport and recreation. Everything we have seen suggests Skarper will therefore generate enormous customer demand globally.”
Developed in collaboration with Forumla One team
Sharker was founded by Dr. Alastair Darwood, Uri Meirovich, and Ean Brown in 2020. The technology was developed by the company’s engineers in collaboration with the Formula One team Oracle Red Bull Racing’s advanced technologies division. Currently, the company has a team of 20 staff.
One-of-its-kind product
The company has developed a patent-protected disk-brake drive system invented by co-founder Dr. Alastair Darwood. The compact all-in-one drive clip-on unit contains a 250-watt rated motor and a 240Wh battery, which offers a range of up to 50km.
Upon attaching this portable drive system to the disc brake rotors of regular bicycles, it will transform them into high-performance electric bikes. As per the company, it is quick and seamless to connect and disconnect this product.
Ean Brown, Co-founder, and Chief Executive Officer at Skarper, commented: “This is a major milestone for Skarper. Raising almost £13 million to-date is testament to the product and brand that we have created. Such significant capital allows us to satisfy the customer demand for Skarper, achieve our growth targets and make a positive impact in the cycling industry.”
