The E-bike market expects a further explosion as health consciousness and environmental awareness is heightened, gas prices soar and favorable policies are put forward in various regions.
Electric bicycle company TENWAYS recently bagged CNY 300 million (USD 44 million) from a funding round led by L Catterton.
Electric bicycle company TENWAYS completed a Series A funding round to the tune of CNY 300 million (USD 44 million) today. The lead investor of Series A2 was L Catterton, and Cygnus Equity (Chinese: 高鹄资本) was the exclusive financial advisor for the round. TENWAYS previously received investment from institutions including Meridian Capital China (Chinese: 华映资本) in the Series A1 round. It completed a Pre-Series A round exclusively from GL Ventures (Chinese: 高瓴创投).
The funds raised in this round will be mainly used for product development, marketing, supply chain expansion, and team building.
Founded in May 2021 and headquartered in the Netherlands, TENWAYS develops and produces affordable, easy-to-use, and eco-friendly electric bikes. The company's offices, assembly, and warehousing are located in Europe. TENWAYS has a vertically integrated global manufacturing and supply chain.
Chen Yue, Managing Partner of L Catterton Asia, said, "TENWAYS creates amazing E-bike products based on consumer needs. It has the top supply chain resources and brand-building capabilities. The company is riding the global trend of low-carbon transport. We look forward to working with the TENWAYS team, and we will assist the brand in growing global business."
Bicycle and e-bike sales in 2021 reached an all-time record, surpassing the 22 million units mark, according to the Confederation of the European Bicycle Industry (CONEBI). The growth was in particular driven by the continued robust demand for e-bikes, which topped the 5 million units sold. Data from CONEBI showed that the production of bicycles and e-bikes saw an estimated growth of around 10% compared to 2020, with more than 16 million units produced in Europe in 2021.
Other players in the field include Rad Power Bikes, Lectric eBikes, EUNORAU, Michael Blast, and Emojo Bike, to name a few.