Joe Sherwood

Problem:

Demand for e-Bikes across Europe is growing by 30% per year as people find them a fast and fun way to get around congested cities. However, most e-Bikes are too heavy and bulky to be used flexibly, for example with public transport.

Joe SherwoodSolution:

FLIT develops lightweight folding e-bikes for urban commuters.

Folding e-bikes open up the market to new customers as they can be easily stored or used with public transport. By developing a folding e-bike from scratch, and integrating the electrical system into the frame, FLIT’s first product, the FLIT-16, is 30% lighter and smaller than a typical folding e-bike.

The first batch of FLIT-16s will be delivered to customers in late 2020. FLIT then plans to use feedback to continue experimenting in the folding e-bike niche. It will develop both new e-Bike models, for example to target customers in the leisure market, and new sales channels, such as leasing and subscription.

By the end of 2021, FLIT aims to have FLIT-16s available for purchase in shops across the UK, announce a new model of folding e-bike, and begin trialling a leasing scheme. In 2022 it hopes to expand into international markets in Europe and North America.

In 2019, 3.4 million e-bikes, worth £5 billion, were sold across the EU and UK. That volume had grown by an average of 31% a year since 2006. Folding bike sales also grew at about 15% a year over a similar period. The UK market for e-bikes is less mature than regional leaders such as the Netherlands or Germany, but is growing even faster. In the UK in 2018-19, the e-bike market grew by 66%, and folding e-bikes grew by over 200%.

Traction:

2017 – Awarded Department for Transport Innovation Challenge Fund grant

2018 – Accepted onto the Design Council Spark accelerator, winning additional funding through a commendation award

2018 – Raised pre-seed investment from UK angels

2018 – Established a prototyping and manufacturing relationship in Taiwan

2019 – Filed a patent and registered designs for the FLIT-16

2019 – Eurobike Startup Award finalist and won ACID Design and IP Champion Award 2019 – Sold over 100 e-bikes via a Kickstarter pre-sales campaign, exceeding its target by 440%

2020 – Continued sales of the FLIT-16, and first deliveries to customers

“The business training has been extremely useful for expanding my knowledge of how the world of business really works, in particular my presentation, leadership and financial skills. The network obtained via the Academy is also very useful for raising investment rounds and consulting leading experts for advice.”

SIGN UP FOR OUR NEWSLETTER

Subscribe to our mailing list and get updates!

Do you want to become a member, a mentor or just want to support us?

Find out more >