Piper, the leading specialist investor in consumer branded businesses, will invest £11.5m into Wattbike, creators of the world’s first smart indoor bike brand independently verified as the most accurate, reliable and measurable trainer in the world. *
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% YoY in April.
With the ambition to become world’s most popular indoor smart bike, Wattbike has invested significantly in developing its range of products and recently launched three new smart bikes – the Nucleus and Atom X for the B2B market and the Atom Next Generation, the latest Wattbike model for the consumer market.
Piper’s £11.5m investment (subject to FCA approval) 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. It is the sixth investment from Piper VI, its £125m fund.
Rich Baker, CEO of Wattbike, said: ‘Since first meeting the Piper team in 2016 they have consistently helped and supported our business. We are confident that their investment and expertise will help us realise our global ambitions for the Wattbike brand.’
Dan Stern, Piper’s Investment Director, who lead the deal, said: ‘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. We’re looking forward to working with Rich and the team over the coming years.’