Skarper, a startup converting bicycles into e-bikes backed by Olympic cycling champion Sir Chris Hoy, has raised £4.5m.
The company fits bikes with a portable drive system via the disc brake rotor. This effectively turns it into an e-bike, providing motorised assistance to the back wheel.
The drive system can be connected and disconnected in seconds, allowing users to switch between modes.
Skarper has raised £12.8m to date, including from Hoy, whom the company said was also part of its product development process.
The company said the development team was also assisted by the advanced technologies division of F1 team Oracle Red Bull Racing.
The latest funding round was led by investment firm Adjuvo, which was joined by Starry Group, Mobilitech and Resillion chairman Yaron Kottler.
“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,” said Adjuvo CEO Mark Foster-Brown.
“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.”
Skarper is preparing for its first market launch, hoping to deploy its products in the tail end of 2024.
“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,” said Skarper CEO Ean Brown.
The group’s last funding round was in April 2023.