Technology startup Byqee, which offers users the equipment that can transform any type of bike into an electric bike in minutes, has made its second investment round on the fonbulucu platform. In the first investment round in December 2021, the startup, which received a 100% funded investment of ₺1.6 million in 85 minutes with the Byqee V21 product, and achieved 4.5 times annual growth in turnover, in its new investment tour, the company is demanding ₺4.5 million by offering 8% of the company shares to investors with Byqee V23 and Byqee F23 products. Byqee will continue to grow in both domestic and international markets with the financing it will obtain at the end of the tour, which will continue until May 3.
Byqee, a technology startup operating in the micromobility market, which is one of the most efficient solutions in urban transportation in recent years, went on an investment tour for the second time on the fonbulucu platform with the latest versions of the product set, Byqee V23 and Byqee F23, which can transform all types of bicycles into electric bicycles. In the first investment round in December 2021, the startup’s target in the new investment round is to reach an investment of ₺4.5 million with the supply of 8% of the company shares.
With the investment it seeks, Byqee plans to quickly seize the opportunity presented by the market, which is expected to create a volume of ₺100 billion in 2030, and to maximize its growth rate by taking into account the quality of operation management. The predictions of the startup company, which will open the Byqee F23 product for pre-order with the Kickstarter campaign after the new investment round; To close the year 2023 with a turnover of ₺10 million, to electrify 15 thousand bicycles per year at the end of three years, and to reach the annual turnover that will enable to be listed on the Istanbul Stock Exchange at the end of five years.
Announcing that the shares offered in the new investment round will be reduced from the company’s shares, the shares of the investors who invested in the first crowdfunding campaign will not be diluted. will own it. The venture company will also be given an additional 10% share to previous and new investors who invest via EFT or credit card within the first five business days as of 10:00 am on Monday, April 3, 2023, the start date of the investment tour. The investment round will continue until May 3, 2023.
Byqee conversion sets were introduced at the most prestigious fairs in Europe
Byqee CEO Burak Isik gave information about the product:
“With electric bicycles, which offer an alternative solution to urban transportation with fossil fuel vehicles, the ecological balance is maintained by reducing carbon emissions and time is saved by shortening the time spent in traffic. Climate change is the number one problem of our world. As an enterprise operating in the micro-mobility market, which is predicted to lead sustainable transportation systems, we offer equipment sets that can transform any type of bicycle into an electric bicycle. With our latest versions, Byqee V23 and Byqee F23 conversion sets, we offer the most efficient, lightest, most stylish and comfortable ride in the world of electric bicycles, besides the lightest portable battery pack in its range.
While the Byqee V23 version can be applied to all bicycles in general, F23 is a conversion kit designed with a special ergonomics for folding bicycles. We first introduced our V23 and F23 concepts to users at the Las Vegas CES 2023 fair. In February, we received a total of over ₺1.1 million V23 pre-orders. Finally, we were selected as one of the three best startups of the year in our category at Paris Autonomy Mobility World Expo 2023, Europe’s most prestigious mobility fair. We became the only Turkish startup among the 21 finalist startups announced in the AMWE 2023 Startup Challenge. As a result of the competition, we were deemed worthy of the first prize in the “Public Vote” category, the general category in which 21 finalists competed. With the technologies we have developed, we will continue to walk with firm steps towards becoming one of the leading companies in the sector both in our country and globally.”
Ended the year 2022 with a turnover of ₺2.3 million
Byqee was founded by engineers with engineering experience and knowledge in the field of Li-Ion battery packs to become a technology brand that brings innovative products to the micromobility market. Born as a concept at the end of 2019, Byqee was accepted to ITU Cekirdek Pre-Incubation Center as of January 2020 and started the branding process. Byqee entered the micro-mobility market with 248% funding in the funding campaign, in which it collected pre-orders in June 2020, and became a company with the investment it received in August 2020.
The last quarter of 2020 passed with the establishment of the production workshop and the delivery of pre-orders, in addition to the turnover of ₺150 thousand. The startup company was deemed worthy of the ₺60 thousand Grant Award and the ITU Cekirdek Incubation Program Award at the Big-Bang Startup Challenge event, the biggest start-up event of Turkiye, organized by ITU Teknokent in December 2020. Byqee confirmed its product in the market with an average growth of 49% month to month in 2021 and reached more than 200 customers. As of October 2021, Byqee conversion set became ready for the foreign market and started to accept the first foreign orders.
On top of the investment amounts it collected from angel investors throughout 2021, it went to the first share-based crowdfunding at the end of the year and collected a fund amount of ₺1.6 million in just 85 minutes. Byqee, which started the year by increasing its operation volume, especially its production capacity; By the end of 2022, it has grown by more than 450% in turnover compared to the previous year, reached more than 650 customers, and exported to England, Germany, Switzerland and Belgium. The venture company has reached a company profile that closed the year 2022 with a turnover of ₺2.3 million, with a positive profit.
Source: Egirisim / Prepared by Irem Yildiz