One week after Crowdcube go-live
We have now been live on Crowdcube for a week, and are loving the questions and discussions so far.
From our future plans for product development to EIS and exit strategy, here is a round-up of some of our favourites from last week:
We are currently developing a part-exchange tool to allow families with existing bikes to join the scheme. Think "webuyanycar.com" for kids bikes.
We're excited to be launching this as part of our summer campaign. It ties in heavily with our sustainability ideals. Fewer bikes in a landfill, and more children on saddles!
In line with our ambitions to get the next generation cycling, we have big plans in place to begin selling Bikeability courses alongside Bike Club membership.
This is still in the early stages and we are looking to trial it in the summer in London only. With the Government's intention to expand Bikeability, there is a lot of opportunities here.
Our lead investor (and Chairman) is Mike Balfour who set up Fitness First and went on to revolutionise the fitness industry. Outside of Mike, we have a group of serial angel investors who have backed various businesses. As is typical with start-ups we also have a lot of family and friends who have invested previously.
EIS is a government scheme that offers tax-reliefs to investors. As a company that rents assets, we are automatically considered a low-risk investment and as a result, we are exempt from EIS. However, we're currently in discussions with HMRC and are looking to try and have it retrospectively applied for our investors.
We would ideally like to create a liquidity event (an event that allows early investors to 'cash out' some or all of their ownership shares) for our Crowdcube investors in 3-5 years. This would probably be through PE (private equity) or IPO. However, it will be interesting to see how the circular economy sector develops as there will likely be consolidation and aggregation across the sector within that time frame.
Keep it coming, it's great to get feedback, ideas and contributions. Thank you for all your support and help so far in the campaign.
Have a great week everyone. Hope you all had a great half-term with (or without) the kids.