LONDON (BRAIN) — Bike.Rent Manager, a bike rental software platform, has secured 490,000 pound ($648,000) investment in a recent funding round in partnership with Universum Wealth. BRM said it is profitable and growing fast with customers in over 27 countries.
The funds will be used to accelerate BRM's product development and growth, and maintain customer service. It will also allow the rollout of the upcoming bike.rent B2C portal.
Sean Young, an Investment Partner from Universum Wealth, said "We are very excited to join the BRM journey. Doug (Stoddart) and his team have built a fantastic business with a sector-leading product, which already has international reach. The total addressable market is in a secular growth phase for many years to come, thus this investment will continue to fuel expansion and help the BRM team create one of the leading bike rental ecosystems globally."
Stoddart, BRM's CEO, said: "We are delighted to welcome this new investment and partnership with Universum Wealth. Not only will the funds allow us to further accelerate our growth but the team and new investors bring a wealth of experience across many industries with a particular interest in cycling and B2C opportunities."
In April, BRM announced it had surpassed a $344,000 goal for a crowdfunding campaign.
