London based bike and cycling products retailer Velorution has turned to crowd funding to raise the cash to help them to expand to further branches in and around London and the South East.
Here’s what they have to say as to why:
“We aim to bring the most innovative and unique urban cycling products from around the world to our customers, the Velorutionaries. We constantly seek to surprise, delight and satisfy our patrons by curating the most superb and select range of urban cycles, apparel and accessories.
“Over the last 3 years, we feel that we have thrived at our locations in Great Portland Street and Selfridges and we now want to expand on our success.
“Our strategy is simple. We want to open more stores across London and the South-East, increase the circulation of our Velorution magazine, and invest in expanding our online offering so that we can serve both our UK and international customers.”
The level of investment sought is £500,010 (the ten pounds will make the difference!) for 12.5% of the equity. At the time of writing, 24% of this is funded, or almost exactly £120,000. The valuation, pre-money, is of £3.5 million.
More details are available on Seedrs. Unlike crowd funding sites like kickstarter, where you buy a “reward” if the project is funded, on this site you purchase equity in the company.
Stop Press: Velorution have announced their Easter opening times (open Good Friday, Easter Saturday and Easter Monday 10am to 6.30pm, but closed on Easter Sunday. There is also an offer of 24 months interest free credit* on all purchases above £500 during March, available online and in store (*subject to status and credit check ,10% minimum deposit, cannot be used in conjunction with cycle to work scheme or any other promotion, offer ends 31/3/16).
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