Wattbike secures £11.5m investment following lockdown sales boom
Leisure Opportunities
Job search
Job Search
see all jobs
Latest job opportunities
star job
Future Fit Training
Competitive
Various locations, including London & Manchester
Everyone Active Stadium
Competitive
Bristol South Swimming Pool, Bedminster, UK
star job
Kirklees Active Leisure
£50,692
Huddersfield, UK
Essex Boot Camp
Competitive
Loughton / Epping / Chigwell area
Watford Football Club Community Education Trust
£24,500 (pro-rata)
Vicarage Road Stadium, Watford

Wattbike secures £11.5m investment following lockdown sales boom

Job opportunities
CVLIFE
Competitive salary based on experience
location: Coventry, UK
SnowDome
Competitive
location: Tamworth, UK
Y Club
£30,000
location: Manchester, UK
more jobs

Wattbike has secured £11.5m worth of new funding from Piper, a specialist investor in branded consumer businesses.

The indoor bike specialist said the investment will help it drive growth in the UK and further penetrate the US and Asian markets, as it looks to capitalise on the global increase in demand for connected, at-home fitness solutions.

Founded in 2007 by former world champion rower, Ian Wilson – who worked in collaboration with British Cycling – Wattbike initially focused mainly on commercial sales to gyms and sports clubs.

The firm's direct-to-consumer offering also seen rapid growth over the last few years.

According to CEO Rich Baker, the company has experienced particularly strong growth in recent months, with sales orders in April – the month after lockdown – increasing by 192 per cent compared to 2019. As a result, the business is forecasting total sales in excess of £21m for 2020.

Dan Stern, Piper’s investment director who led the deal, said: "We're backing the Wattbike team for the next stage of growth.

"Indoor fitness training – alongside the rise in consumers cycling and participating in triathlons – make this a very attractive market sector and Wattbike is in a league of its own when it comes to high-performance indoor bikes.

"We’re looking forward to working with Rich and the team over the coming years."

Baker added: "We are confident Piper's investment and expertise will help us realise our global ambitions for the Wattbike brand."

The firm has invested significantly in developing a range of products and recently launched three new smart bikes – the Nucleus and Atom X for the B2B market and the Atom Next Generation, the latest Wattbike model for the consumer market.

Alongside its new launches, Wattbike has invested heavily in developing supporting technology, such as the Wattbike Hub app, which enables riders to collect detailed data for training and performance improvement.

The bike is also software agnostic, allowing riders to race and train with friends in a virtual world, by connecting to other providers, such as Zwift.

Wattbike founder Ian Wilson stepped down as CEO in 2018 but remains a non-executive director and shareholder.

Piper has a range of investments in the leisure sector, including boutique operator, Frame, spa and beauty brand, Neom and restaurant brands, Turtle Bay and Hickory's Smokehouse.

It has previously backed companies such as Maximuscle, Pitcher & Piano and the Loungers casual dining brand.

Sign up for FREE ezines & magazines
Wattbike has secured £11.5m worth of new funding from Piper, a specialist investor in branded consumer businesses.
TEC,HAF
2020/THUMB346217_327090_993306.jpg

More News

1 - 15 of 43,312
11 Jun 2021
The government needs to urgently set out its plans to support physical activity and fitness businesses, if it intends to delay Step 4 of its ... More
11 Jun 2021
Glofox will begin offering health clubs, gyms and fitness studios instant access to financing, following a deal struck with Stripe Capital. The club management software ... More
10 Jun 2021
Hong Kong-based Bricks Group has revealed plans to launch its health club chain, U Time, in Europe and the UK. U Time currently operates a ... More
10 Jun 2021
A £30m luxury leisure development scheme which has been more than a decade in the making has finally been given the green light by Newcastle ... More
09 Jun 2021
Apple has previewed its much-awaited watchOS 8, the operating system for its Apple Watch. The latest update to the system will add a number of ... More
09 Jun 2021
Chinese health club chain Supermonkey has finalised a series E funding round, valuing the company at nearly US$1bn. The latest round was led by a ... More
JP Lennard
JP Lennard
08 Jun 2021
Gymbox has signed a partnership agreement to provide members of flexible workspace provider WeWork with both in-person and on-demand fitness classes. WeWork members will gain ... More
08 Jun 2021
A swimming pool suspended 35m (115ft) above the ground and forming a bridge between two buildings has opened as part of a residential project in ... More
04 Jun 2021
The number of health club members returning to gyms since lockdown has beaten all expectations, according to Rebecca Passmore, UK managing director of PureGym. Talking ... More
04 Jun 2021
New images have been released of what will become the first new public park in Manchester, UK, in more than 100 years. Called Mayfield Park, ... More
03 Jun 2021
The Jumeirah Group has reopened the 186-room The Carlton Tower Jumeirah, in the heart of London’s Knightsbridge following an 18-month closure for refurbishment. The 17-story ... More
02 Jun 2021
David Lloyd Clubs has enrolled former Labour Party deputy leader Tom Watson to help raise the profile of its new Team PB programme. The six-week ... More
Spa Life UK
Spa Life UK
01 Jun 2021
TRIB3 has secured a franchise deal which will see it open 20 studios across Belgium, the Netherlands and Luxembourg. The boutique operator has signed the ... More
01 Jun 2021
ukactive has published new data from the National ReferAll Database (NRD) – the UK’s first open-access database for exercise referral schemes. The data shows that, ... More
28 May 2021
The US fitness industry is mobilising to support the Gym Mitigation and Survival (GYMs) Act, which could provide up to US$30bn in grants to health ... More
1 - 15 of 43,312
JP Lennard
JP Lennard