Wattbike, the smart indoor bike, has secured an investment of £11.5 million ($15 mm) from Piper, the investment firm.
Wattbike was founded in Nottingham, UK in 2007 by former world champion rower Ian Wilson in collaboration with British Cycling. Known for its accuracy and patented technology that supports scientific quality data collection through the Wattbike Hub, the bike is used for training by British Cycling and England football squad, along with sporting champions such as Dame Jessica Ennis-Hill, Anthony Joshua and Chloé Dygert.
Although initially to be found in gym chains, Wattbike’s direct-to-consumer offering has seen rapid growth over the last few years, with the business forecasting total sales in excess of £21 million in 2020. The company has experienced strong growth in recent months with sales orders rising 192 percent year-over-year in April. Still based in Nottingham UK, it currently has 64 employees.
Piper’s £11.5 million investment (subject to FCA approval) will help the business to continue growing in the UK and further penetrate the U.S. and Asia, capitalizing on the global rise in connected at-home fitness and cycling.
Rich Baker, CEO of Wattbike, said: ‘Since first meeting the Piper team in 2016 they have consistently helped and supported our business. We are confident that their investment and expertise will help us realize our global ambitions for the Wattbike brand.’
Dusan Adamovic, technical director of the brand, said: ‘We are very excited to have the backing of Piper who are such experienced and focused investors with a clear understanding of the opportunities we have for Wattbike to help more and more consumers improve their performance and health.’
Dan Stern, Piper’s investment director, who lead the deal, said: ‘We are excited to be backing the Wattbike team for the next stage of growth. Indoor fitness training alongside the rise in consumers cycling and participating in triathlons make this is a very attractive market sector and Wattbike is in a league of its own when it comes to high-performance indoor bikes. We’re looking forward to working with Rich and the team over the coming years.’
Ian Wilson stepped down as chief executive in 2018 but remains a non-executive director and shareholder. Gordon Baird, former chairman of sports footwear brand Inov-8 and swimwear brand Zoggs, will join the business as a non-executive chairman.
Ashcombe Advisers and Houlihan Lokey advised the company on the transaction
Photo courtesy Wattbike
