The smart indoor bike brand Wattbike is poised for its next phase of growth following an investment of £11.5m from specialist investor Piper.
The investment from Piper’s £125m fund, Piper VI, will help the business to continue growth in the UK and further penetrate the US and Asia, capitalising on the global rise in connected at home fitness and cycling.
Wattbike was founded in Nottingham in 2007 by former world champion rower Ian Wilson in collaboration with British Cycling with a mission to create the best performing indoor training bike.
Initially found in the UK’s leading 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 £21m in 2020. The company has experienced particularly strong growth in recent months with sales orders rising 192 per cent year on year in April.
“We are very 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,” said Dan Stern, Piper’s investment director, who lead the deal.