Spoon Group, the UK-based custom bike maker, announced that it has closed a funding round totalling £740k to accelerate its ambitious growth plans.
After a £300k private round, the long-term debt partner and institutional investor FSE Group matched funding through its Enterprise M3 initiative, bringing the total raised to £740k.
The latest closing brings the bike company valuation to £3.7M.
Performance e-bike in 2023
The company will use the funds to develop its portfolio of road and gravel bikes and build on its reputation for creativity and service by growing the team and improving the overall customer experience.
The Group plans to develop a new performance e-bike in 2023, enabling the company to utilise the boom in the e-bike space. In addition, the company intends to grow its international customer base by increasing brand awareness and distribution.
Andy Carr, Chief Executive Officer of Spoon Group, explains, “Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands. This new funding will help us shift more people away from mass-produced equipment in favour of a better bike with perfect fit, fabrication, and finishing designed for individual performance needs.”
Custom bike approach
Spoon Group, led by Spoon Customs Founder Andy Carr, was established when former Ovo Energy retail boss Chris Houghton realised an opportunity to rejuvenate WyndyMilla bike company through a fresh approach.
Spoon Customs designs bikes for individual cyclists looking for the best possible riding experience. Since it’s a custom product, the design process goes through detailed dialogue between the Spoon brand and its customers, with numerous touchpoints ensuring the personalised experience of buying and owning a performance bespoke bike.
Spoon Group’s newest bike, the Spoon Vars Disc, has landed five-star reviews. To reiterate, the Vars is an entirely new made-to-measure carbon road bike with the added advantages of perfect fit, fabrication, and finishing, leaving no detail overlooked.
Paul Lyristis, Investment Manager, South East for The FSE Group, comments, “We were impressed by Spoon’s track record and the expertise of the senior management team and investors. The fund has supported the business since 2016, and it is encouraging to see the growth of the business with great products that are receiving increasing recognition. We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris, and the team to ensure they reach their goals for growth.”