Home-fitness start-up Apex Rides secures £3m funding
Apex Rides, the direct-to-consumer in-home smart-bike and app concept that launched during lockdown, announced today that it has raised £3m in their seed round.
The raise will support the brand’s aim of shaking up the traditional indoor-bike market, providing consumers with inclusive, UK content and hardware, at a more accessible price point.
Following an initial pre-sale campaign that launched in April 2020, Apex Rides has already had a considerable impact on the industry, generating 2,500 pre-orders of the bike over a six month period, enabling its founders to achieve a successful fundraise.
The capital committed by investors demonstrates a confidence in the growth of this space, and solidifies Apex Rides’ position in the market. Investors include Sir Rod Aldridge, founder and former executive chairman of Capita, and Eddie Jordan, OBE, former Formula 1 team boss and entrepreneur.
With the rapidly growing home-fitness market now super-charged further by ongoing national lockdown, consumers are migrating towards digital and at-home fitness more than ever before.
Exclusively partnered with London spin studio Boom Cycle, the Apex Rides app provides the consumer with UK class content and music, not offered by any of its competitors.
This injection of capital will accelerate app and hardware development and wider content creation, and ultimately fuel expansion internationally. UK-based Apex Rides was co-founded in October 2018 by Simon Cook and Charlie Lucas, whose backgrounds are in technology and finance respectively.
Simon Cook, co-founder of Apex Rides, said: “When we began building a brand for Apex, we wanted to create something inclusive and encouraging, against the grain of the competitive and athletically-skewed players on the market. We also devoted a lot of time to both the functionality and design of our bike, aesthetically upgrading the utilitarian style of the traditional exercise bike. The support from our investors will allow us to advance our growth, expand our product offering, and enable us to innovate even further. We believe the at-home fitness market is still very much in its infancy in the UK and for Apex – it’s just the beginning.”