e-bike conversion kit company raises £3.4m
Swytch Technology Ltd has announced a funding of £3.4m, aimed at boosting stock levels for its 'Swytch Kit.'
This conversion kit, designed to transform any bicycle into an electric bike, offers a cost-effective alternative to purchasing a new e-bike. With a growing customer base of 75,000 – increasing monthly by approximately 2,000 – the additional funding will help the company reduce delivery times, which currently average one month.
Since its establishment in 2017, the London-based startup has seen considerable growth and anticipates reaching 100,000 customers by the end of 2024. A substantial portion of its sales, over 60%, comes from international markets, including 30,000 customers in North America, 12,000 in Europe, and 3,000 in other regions. The majority of Swytch’s customers have engaged with its pre-order model, paying a deposit to secure a custom-made kit for their bike, delivered within three months of purchase.
In the UK, Swytch has gained significant traction, with its e-bike conversion kits being a popular choice. Mintel's data indicates that out of 155,000 e-bikes sold in the UK in 2022, Swytch sold 12,300 conversion kits, representing a notable portion of the e-bike market. In the US market, the company has also achieved a noteworthy presence.
Swytch's latest funding will facilitate further expansion in the UK, US, and European markets, improving delivery times and establishing new retail partnerships. The company currently collaborates with a network of 25 bike stores in the UK, offering sales, installation, and test rides of the Swytch Kit. The new investment will enable the addition of more retailers to this network.
Oliver Montague, CEO, and Co-Founder of Swytch, commented on the development: “This is an exciting time for Swytch. Consumers are increasingly seeking affordable and sustainable transport options, and the Swytch Kit meets this demand. It allows those with a bike to easily add electric power, enhancing their cycling experience.
“The main challenge we've faced recently is meeting the high demand for our product with rapid delivery. This new funding addresses that issue and will enable us to offer near-instant delivery to customers in 2024, and to significantly expand our network of retailers."
Businesses interested in partnering with Swytch and joining its network of stores selling conversion kits are invited to apply to its retail programme via this link.