(BRAIN) — Mobile bike repair franchiser Velofix closed an equity financing round led by Yamaha Motor Ventures, a corporate venture capital fund for mobility and other interests. Yamaha Motor Ventures is joined by existing shareholder MacKinnon, Bennett & Co., and new investor Economic Development Bank of Canada.
In addition to expanding its fleet of mobile bike shops, this investment also will support the 2023 launch of Shopvelofix, an e-commerce marketplace for manufacturers, distributors, and strategic partners to sell their products directly to Velofix customers.
"When we launched Velofix 10 years ago out of my garage, we believed that bicycles could help change the world," said CEO and co-founder Davide Xausa. "As COVID evolved and the world evolved with it, our essential last mile services were never more relevant or in demand. By continuing to expand our footprint and by adding the Shopvelofix marketplace, we believe we will become the one stop shop for consumers as it relates to bicycles, products, accessories, and service."
Velofix has more than 125 locations in North America. It provides residential, fleet and commercial services and support, last mile assembly and fulfillment, and e-bike and e-mobility assistance to customers, manufacturers, and brand partners.
