Cambridge-based Flit, a pioneering company in the electric bike industry, has recently secured a whopping £1.2m in funding to boost the production of its innovative folding electric bikes. This news has sent ripples of excitement through the cycling community, as Flit sets its sights on challenging the dominance of Brompton, the current market leader in folding bikes.
Flit was founded in 2018 by three engineering graduates from the University of Cambridge, Dave Henderson, Alex Murray, and Robert Smith. Their vision was to revolutionize the folding bike market by creating a lighter, more efficient, and non-welded frame design. And with the recent funding, it seems like their dream is well on its way to becoming a reality.
The concept of folding bikes is not new, but Flit’s approach to it is what sets them apart. Their bikes are designed to be compact, lightweight, and easy to fold, making them perfect for urban commuters and city dwellers. The non-welded frame design not only makes the bikes more durable but also significantly reduces their weight, making them easier to carry and maneuver.
The funding, which was led by venture capital firm Downing Ventures, will enable Flit to increase its production and meet the growing demand for their bikes. The company plans to use the funds to expand its team, invest in research and development, and improve its supply chain to ensure timely delivery of their products.
Flit’s electric bikes have already gained a loyal following, with their first model, the Flit-16, receiving positive reviews from customers and industry experts alike. The Flit-16 is equipped with a 250W motor and a 250Wh battery, providing a range of up to 50km on a single charge. It also has a top speed of 25km/h and can be fully charged in just 3 hours, making it a convenient and eco-friendly mode of transportation.
With the new funding, Flit plans to launch its second model, the Flit-24, which will have a larger battery and a longer range of up to 80km. The company also has plans to expand its product line and introduce more innovative features to its bikes in the future.
Flit’s success has not gone unnoticed, and it has already caught the attention of Brompton, the market leader in folding bikes. Brompton, which has been dominating the market for over 40 years, has recently faced criticism for its heavy and cumbersome frame design. Flit’s lightweight and non-welded frame design poses a significant threat to Brompton’s dominance, and it will be interesting to see how the competition between the two companies unfolds.
Flit’s co-founder, Dave Henderson, expressed his excitement about the recent funding and the company’s future plans. He said, “We are thrilled to have secured this funding, which will allow us to take Flit to the next level. Our goal is to make cycling more accessible and convenient for everyone, and we believe our innovative folding bikes can help us achieve that.”
The cycling industry has been growing steadily in recent years, with more people opting for eco-friendly and healthier modes of transportation. Flit’s folding electric bikes not only cater to this growing demand but also offer a convenient and stylish alternative to traditional bikes. With the company’s innovative approach and the recent funding, it seems like Flit is well on its way to becoming a major player in the electric bike market.
In conclusion, Flit’s recent funding of £1.2m is a significant milestone for the company and the electric bike industry as a whole. With their innovative and lightweight folding bikes, Flit is set to challenge the dominance of Brompton and revolutionize the way we commute in urban areas. The future looks bright for Flit, and we can’t wait to see what they have in store for us next.
