Wolt’s first investor, Helsinki-based VC Inventure is now partnering up with Yeply, a mobile bike service that operates in Finland, Germany, and the Netherlands. Yeply secured 2.5 million euros in a seed round led by Inventure. Tony Honkanen, Wolt’s Director of international expansion, will join the Executive Board along with Gorilla’s COO & Co-Founder Felix Chrobog following the capital injection.
Backing Yeply to fix Europe’s bikes.
Inventure announced they are thrilled to partner with Yeply in a €2.5m Seed round to build Europeans largest bicycle maintenance service provider. The company is bringing breath of fresh air into an industry that has really not changed since Karl von Drais invented the first bicycles in 1817.
The big picture
Two major trends have impacted the bicycle industry – and therefore bicycle maintenance – like never before.
First, thanks to the rapid expansion of food delivery (i.e. our friends at Wolt) or quick commerce in recent years (i.e. Gorillas, Flink etc) more couriers than ever are relying on their bikes, requiring unprecedented levels of maintenance that needs support.
And on the consumer side, the bike boom took off as people looked for alternatives to public transportation during the pandemic. What’s especially notable is that the bike boom was an e-bike boom, which translates to higher cost bikes where consumers value preventative maintenance. In Europe, e-bikes enjoyed a massive increase by 52%. In 2020, this represented 11B€ or 60% of all bike sales in value, up from 3.3M units in 2019.
Another interesting trend is that the pandemic’s long wait times for new bikes has pushed purchases onto the internet and away from brick-and-mortar dealerships with an attached repair shop. In response to this large shift in the customer relationship, bike brands including Geero, Angell, Sushi, and Bzen use Yeply to build a digital connection to the consumer beyond the bike purchase, including a digital service book and warranty services.