LONDON (BRAIN) — Foldable bike brand Brompton received a 19-million-pound ($23.6 million) investment from BGF, an equity capital investment company based in the United Kingdom and Ireland.
BGF said the investment allows it to take a minority stake in Brompton to support its goal to "create urban freedom for happier lives." A shared vision for sustainable growth for people and the planet made the collaboration a reality, BGF investor Daina Spedding said.
"We look forward to supporting the business as it continues to expand into new markets and invest in new technologies and manufacturing capabilities to meet ever-growing demand for its revolutionary cycling range," Spedding said.
Brompton has been independently owned since 1975 by founder Andrew Ritchie and CEO Will Butler-Adams, who said the brand has grown 20% a year "funded by reinvesting our profits."
Brompton exports 80% of its bikes to 46 countries and in November 2022 made its 1-millionth bike.
"But this is not enough," Butler-Adams said. "We need to move faster. The impact of climate change is being felt by us all, and the greatest carbon emissions come from our cities where most of the world's population now lives."
All of BGF's investments are with companies in the UK and Ireland; it has at least one other investment in the cycling industry: Rutland Cycling, a chain of UK bike shops.
