London-based startup Swytch Bike raised a total of $6 million throughout 2022 to allow people to convert their regular bikes into electric bikes easily and at a reasonable price.
Launched in 2017, Swytch helps people who already own traditional bikes to join the e-bike boom that is happening around the globe using its conversion kits. Mainstream conversion kits typically target a niche market of people who want to build quasi-motorcycles. Meanwhile, the Swytch kit accommodates the broader society, not only motorbike fans.
As people grew more aware of the environment, the adoption of e-bikes has grown over the years. E-bikes create a very low carbon footprint compared with gas-fueled vehicles. People prefer e-bikes to regular bikes because they offer more convenience. Understandably, the price for an e-bike unit is higher than the conventional one.
Co-founder and CEO Oliver Montague said he originally started a small online business assembling and selling conversion kits. He admitted that the first Swytch kit he built was an effort to simplify his store’s clutter. The first version of the Swytch kit was sold through a crowdfunding campaign in 2017.
Right now, a 98Wh battery version is sold for $500, while the 180Wh battery kit reaches $800. When purchasing a kit from Swytch, the bike owner needs to provide basic information about the bike, specifically the wheel size and fork type.
Swytch will then send the kit containing a motorized wheel, a battery unit in the preferred capacity, and other miscellaneous hardware. The kit also comes with assembly instructions. According to Montague, anyone who can change tires for bicycles can install the Swytch kit with ease.
“It’s really easy to do,” Montague said. “And it’ll save you a lot of money.”
The startup plans to use the capital raised last year to expand. In 2023, Montague expects his startup to sell around 30,000 kits. He also said that the employee count would likely grow to 70 while the revenue might hit $20 million.
