Lumus Investment Collective invested in Bikefair, a marketplace for verified used bikes based in the Netherlands. Lumus brought together two female angel investors, Ragnarson Invest that is investing in early-stage impact-driven startups, and Martin Káčer, a Slovak investor, previously invested in the largest bike courier service in Slovakia “Svihaj Suhaj”.
When the Lumus team met Jan Pecnik, the founder and CEO, we were curious to understand why he wants to dedicate his life to bikes, in particular, second-hand bikes in the Netherlands.
We started with the exploration of some data. The Dutch people make more than one-quarter of all their trips primarily by bicycle. Getting an apartment followed by a need to get a bike is their main concern when they move to a new city in the Netherlands. The market for new bikes is thriving, there are one million new bike sales every year, contributing to an astonishing EUR 1.65 billion in bicycle sales in the Netherlands. And cycling is not popular only in the Netherlands; its popularity grows globally, e.g. in the UK, another potential market for Bikefair, almost 5% of UK consumers have bought a bike since the beginning of the coronavirus crisis.
Jan is a Czech expat in Netherlands who has experienced the frustrations of buying a second-hand bike himself which led to the idea of Bikefair. It wasn't just this experience and his noticeable passion for bikes that persuaded Lumus team to invest. Jan also has a very relevant professional experience as the Director of European Operations for Bike Index, the most widely used bicycle registration service in the world, and is fully dedicated to the project. Before this funding round, he has already commited 4 years to building the business, bootstrapping. Additionally, some of us at Lumus had a pleasure to work with him personally in the past, so we knew that Jan is a strong founder and this is an opportunity not to be missed.
Bikefair is building a facilitated marketplace focusing only on the bike outlet segment (with no particular preference for suppliers (manufacturers, dealers, shops)), focusing on customer experience and price. Bikefair offer only verified bikes (ensures that the bikes weren't previously stolen which is a common problem on the market for used bikes), and enables customers to do test rides before they decide to purchase with 100% money-back guarantee. Moreover, the marketplace offers complementary accessories, and professional assistance if needed. What differentiates Bikefair from its competitor is their ownership of the whole customer journey.
Initially, the investment will help Bikefair to increase their market penetration in the Netherlands. Eventually, the team aim to create a bike-as-a-service platform that will solve the end-to-end needs associated with searching for, buying, and owning a bike. And that's something that makes us very excited! 🚀
This investment was supported by the amazing work of the Eldison team.