IRVINE, Calif. (BRAIN) — A global consumer brand investment firm announced an investment in Pedego Electric Bikes. Verlinvest's undisclosed amount will be used to increase the number of Pedego stores and inventory, and support innovation.
Investors in the dairy alternative Oatly and natural coconut water Vita Coco, Verlinvest noted growing consumer interest in e-bikes for transportation as lifestyles change in light of the COVID-19 pandemic and the need to reduce carbon emissions.
"We are seeing a massive shift in consumer attitudes around the adoption of e-bikes in the U.S. ..." said Clement Pointillart, Verlinvest executive director. "Equipped with the scale and experience in the sector, Pedego is well positioned to meet demand for behavior-conscious buyers, especially with continued government support through initiatives like bike lanes and the latest U.S. infrastructure bill."
Founded in 2008, Pedego sells its e-bikes through its network of 200 locally owned Pedego dealers throughout the U.S. and Canada.
"We have been fortunate to see Pedego experience higher demand than ever before," said Don DiCostanzo, Pedego's CEO. "We believe this is due to our extensive product offering combined with our network of locally owned Pedego dealers who pour their hearts into delivering a best-in-class experience to their customers. With Verlinvest's extensive track record in scaling iconic consumer brands, we believe that we have found a unique partner that can help us even further accelerate our growth and increase our market share."
Verlinvest — with offices in Brussels, Singapore, New York, and London — said U.S. e-bike growth potential is strong, with market penetration in the early stages, particularly when compared to European markets.
"It's highly unusual to find a company that offers industry-leading innovation and a complete customer experience." said Max Levine, a principal of Verlinvest. "Pedego delivers on both of these promises and more. As a group that prides itself on helping brands unlock their potential, we are thrilled to be partnering with Pedego as they embark on their next phase of growth."
