Bertram Capital announced that it has made an investment in Phoenix, AZ-based Lectric eBikes, a designer and direct-to-consumer retailer of electric bicycles and accessories.
Lectric represents the third investment in Bertram’s fourth fund. Terms of the transaction were not disclosed.
“Lectric has become one of the largest and fastest-growing e-bike brands in the United States in just two short years. From the beginning, the company has aimed to deliver high quality, fully-featured bicycles at market leading prices. The team at Lectric accomplished this through a novel approach to design, marketing, distribution, and customer support, which has earned it thousands of highly satisfied, loyal customers,” said Ryan Craig, Partner at Bertram Capital. “We are excited to partner with founders Levi Conlow and Robby Deziel and the entire Lectric team. They are pioneers in an industry poised for significant growth.”
“Lectric represents Bertram’s 26th investment in the eCommerce sector. The Company is a quintessential example of a profitable, entrepreneurial business that is disrupting a traditional industry with innovative products, an authentic brand, and a direct-to-consumer business model”, said Jeff Drazan, Managing Partner of Bertram Capital. “We look forward to deploying our Bertram Labs capabilities to help the Lectric team achieve the full scope of its growth ambitions.”
“Since launching our business, our bikes have primarily been marketed through word of mouth and sold through a simple website that Levi and I created over the course of a weekend. With this investment from Bertram Capital, we are thrilled to have a partner who is a leader in the eCommerce sector and brings the resources to help us achieve our vision of building great bikes for millions of people at accessible prices,” said Lectric co-founders, Levi Conlow and Robby Deziel. “The past year has been truly unique and often challenging for the e-bike industry. Through it all, we have been committed to pairing our bikes with the best customer service in the industry.”
Photo courtesy Lectric eBikes
