Wattbike, the elite exercise equipment manufacturer, has partnered with Praetura Commercial Finance to help fund its ambitious global expansion plans.
The company has secured a £3.25m asset-based lending facility which will help the team invest in its Hub App to further enhance the health and fitness of every Wattbiker, which works in tandem with its indoor exercise bikes, as well as target key global territories in the North America and Asia-Pacific regions.
Since launch in 2008, Wattbike has securing its position as the indoor exercise bike of choice for leading sports teams, athletes and coaches including British Cycling, New Zealand All Blacks, the England football team, the British Army and Manchester City as well as cycling fanatics across the UK.
Wattbike is currently the only exercise bike endorsed by British Cycling and is used by over 1,000 professional sports teams and 500 Olympic medal winners. The team has sold over 100,000 bikes to date, with over 240,000 sessions uploaded per month. Piper, the leading specialist investor in consumer branded businesses, invested £11.5m into Wattbike in September 2020.
Richard Baker, CEO at Wattbike, said: “We are fiercely proud to have built a business that is chosen by the world’s best teams and athletes. This has enabled us to continue to scale our brand, product and services into the consumer and commercial markets, domestically and internationally. Praetura’s ability to get in and understand the business quickly, see the opportunity and create ways to unlock finance options for Wattbike made them a natural partner.”
Stuart Bates, commercial director of Praetura Commercial Finance, said: “Helping a best-in-class business like Wattbike achieve its goals is why we started Praetura. You can see the passion Wattbike’s team put into its bikes and the fitness community that develops around them. We look forward to working with the team again in future and wish them every success.”