LINCOLN, Neb. (BRAIN) — Factor Bikes and its parts and accessories subsidiary Black Inc. announced a round of funding from an investment group that includes professional cyclist Chris Froome. The amount of the investment was not disclosed.
Froome, who will serve on the Factor/Black Inc.'s Board of Directors, is joined by Sam McKay, co-founder of Point King Capital, and Scott Farquhar, co-founder of Skip Capital. McKay also will be part of the board.
Factor Bikes founder and CEO Rob Gitelis will retain his position as majority shareholder.
According to a news release, the investment will support Factor's growth strategy, including a focus on product, innovation and talent, and global channel expansion. Factor/Black Inc. recently announced it's shopping for a new retail facility in Melbourne to enhance its direct-to-consumer strategy and committed to another year as Israel Start-up Nation cycling team sponsor.
This is Froome's first investment in a bike company. According to Factor, the seven-time Grand Tour winner and four-time winner of the Tour de France will help with strategic direction, primarily in product development and marketing/sponsorship.
"We are genuinely excited to bring on new capital partners who will help Factor realize its potential," Gitelis said. "With Chris, Point King Capital, and Skip Capital, we have the ideal team to support and advise us on every aspect of our business as we enter a new, growth-oriented chapter. They all understand and support our mission to push boundaries and challenge the status-quo, which is critical."
Factor Bikes is a high-end road bike brand that sells consumer-direct and through dealers.
Point King Capital provides growth equity to founders and entrepreneurs of global consumer companies and venture capital opportunities in financial technology.
Skip Capital is the private investment fund that invests across multiple asset classes, with a focus on transformation and technology.
