UCL graduate raises £180,000 on Crowdcube to fund electric folding bike
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A UCL graduate has raised £180,000 of investment for his new electric folding bike design.
Jive Bike is not your average bike – this one is chainless, being propelled instead through enclosed drive shafts linked to the pedals instead of a chain.
The money was crowdfunded on Crowdcube, following £25,000 worth of funding acquired from winning awards last year.
The new funding will bring the bike into production in summer 2014, retailing at around £1,500 – and orders have already started coming in.
Put your feet up
Despite carrying batteries and a motor, the bike’s aluminium frame means it weighs just 15 kg.
The motor can reach a top speed of 15.6mph when not pedalling. The bike has a range of 20 miles before a charge is needed, and can charges fully in just two hours.
The bike was conceived in 2012, and was already making headlines at the Conservative Party conference that year [pictured right].
Founder and developer Marcin Piatkowski said city commuters already make up a big block of interest.
“Other electric bikes exist with a further range but for commuters in cities a range which gets them to the office and back, with a rapid charge, is ideal.
“Our intention was to design a product that offers benefits of having a bicycle, without any lifestyle compromises. I think we have succeeded.”