WH Ireland is delighted to have acted as the exclusive financial adviser and broker to secure a private institutional investment for Swytch Technology, the eBike conversion kit company. Swytch Technology is helping to reshape the bicycle market by offering a high performance eBike conversion kit that transforms almost any bike into an eBike, for a fraction of the cost of buying new. The investment – made with new and existing investors – will help further the ambitious growth plans driven by its co-founders, Oliver Montague and Dmitro Khroma. This new capital will be utilised to accelerate the growth of Swytch Technology through building out its inventory and distribution and enhancing existing technology to optimise the customer experience, scaling further in its core markets of the UK and US as well as internationally.
Oliver Montague, CEO and Founder of Swytch Technology, commented, “This is an exciting time for Swytch. Consumers are looking for more affordable and sustainable transport options, and the Swytch Kit is the ideal solution for those who already have a bike, but want the benefit of electric power to increase their range and the convenience of cycling. This new funding will allow us to offer near-instant delivery to customers in 2024, and to grow significantly our existing network of retailers. The funding sourced by WH Ireland and from new and existing investors will enable us to put the building blocks in place to further expand the Swytch offering. We were extremely impressed by the way in which the WH Ireland team worked on this transaction to secure a successful outcome for Swytch and to support the next stage of our ambitious growth strategy.”
Lisa Fox, Head of Private Growth Capital at WH Ireland commented, “WH Ireland is proud to have worked alongside Swytch Technology to source this private institutional investment, and can see the management team leading the way in reshaping the future of biking, both in the UK and internationally. We very much look forward to supporting the company’s progress”.
WH Ireland acted as exclusive financial adviser and broker to Swytch Technology in connection with this transaction.
About Swytch Technology
Swytch www.swytchbike.com is a London-based startup selling eBike conversion kits, which has grown rapidly since its formation in 2017. Swytch has announced plans to expand further in the UK, USA and European markets.
Swytch Technology Instagram @swytchbike
About WH Ireland Private Growth Capital
WH Ireland Private Growth Capital sits within WH Ireland’s Capital Markets business, which provides financial advisory and broking services to public and private growth companies. The latter’s expertise covers the full range of solutions, including IPOs, private and public equity placements, takeovers and M&A amongst other specialist remits. WH Ireland has built an impressive and diverse network of public and private investors, encompassing everything from large institutions to high-net-worth individuals and family offices. To date it has helped a significant number of growth companies fulfil their ambitions and today over 80 companies in the UK and overseas trust and rely on WH Ireland’s corporate and institutional broking team to support their strategies. WH Ireland has been recognised in the “PWC AIM Awards”, “Thomson Reuters Starmine Analyst Awards” and the latest “North West Dealmakers Awards”.
The funding round was led by WH Ireland’s Private Growth Capital team (lisa.fox@whirelandplc.com) in conjunction with Swytch Technology. The funding was raised from a combination of Working Capital Facilities, Export Finance, and Equity investment from a mixture of existing and new Angel Investors and Funds. Existing investors who supported the round included the sustainability focussed Green Angel Ventures (GAV), as well as Startup Funding Club (SFC), Angels Den, Southern Angel Investment Club (SAIC) and the Calyx Ventures Fund.