E-bike brand TENWAYS completes RMB 300 million Series A financing
Founded in May 2021, TENWAYS is dedicated to developing and producing high-quality e-bikes through technological innovation, hoping to make cycling an enjoyable and sustainable way of life.
Compared with the traditional two-wheeled travel method, the electric power-assisted e-bike not only retains the fun of traditional cycling but also realizes the mixed output of human power and electric power, which has the dual attributes of commuting and sports and meets the demands of the new generation of users for safe and efficient, easy and enjoyable cycling.
According to the official introduction, TENWAYS' brand, design and sales channel center is located in the European headquarters, while the R&D, operation and supply chain center is located in Asia, which not only enables it to design and develop intelligent products with both powerful and beautiful appearance but also enhances the cost control ability.
Allied Market Research forecasts that the global e-bike market will reach USD 118.6 billion by 2030. From the market situation, e-bike sales are mainly concentrated in developed countries in Europe and the United States. Among them, Europe has a long cycling tradition and culture, and a mature bicycle highway network, where e-bike has a wide range of use scenarios as a commuting tool, making it the first stop for TENWAYS to build brand influence.
The European e-bike market, with annual sales of more than 5 million units in 2021 alone. According to the forecast of CONEBI, WEF and CIE, the penetration rate of the European e-bike market can reach 50% in 2025, and the sales volume is expected to exceed 10 million units. With people's increasing health consciousness, coupled with rising fuel prices and favorable policies in various regions, the e-bike market is expected to continue to explode.
With labels such as "carbon neutral, short-distance travel, consumer technology, smart hardware," e-bike is obviously an investment hotspot that cannot be ignored.
As a consumer electronic product, e-bike has already found the balance between product, channel, operation and after-sales service, which is a test of comprehensive organizational ability. It is understood that the TENWAYS team has been immersed in the bicycle industry for many years and started exploring the e-bike field earlier - not only has its own technical advantages accumulated, but also can do localized penetration from the brand and channels and other aspects.
At present, there are a large number of domestic companies competing in the e-bike field, including traditional veteran manufacturers Yadea (Chinese: 雅迪), Giant (Chinese: 捷安特), and the new force Velotric. Internationally, Vanmoof from the Netherlands, Cowboy from Belgium, Raywolt from Spain, etc. all hold a significant portion of the market.
The round was led by L Catterton (Chinese: 路威凯腾), a leading global consumer investment firm, and CYGNUS Equity (Chinese: 高鹄资本) acted as the exclusive financial advisor for the round. Officials said the funds raised in this round will mainly be used for product development, marketing, supply chain expansion and team building.