The investment amounted to £186,000. The financing was provided not as an equity stake but in the form of a two-year loan with an annual interest rate of 12%. The loan is secured by the company’s assets — its fleet of electric bikes — which reduces risk for investors.
GIN e-bikes will primarily use the funds to purchase 160 new electric bikes and to further scale its subscription-based model in London. The company expects that within six months of receiving the financing, the service will be able to reach 100 active subscribers.
In 2024–2025, GIN e-bikes executed a strategic pivot in its business model, moving from a direct-to-consumer approach focused on selling electric bikes to end customers to a subscription-based rental service. Under the Pluto model, customers pay a fixed monthly fee that includes the bike itself, maintenance, accessories, and insurance.
An additional element of the financial model is the resale of electric bikes on the secondary market after 12 months of rental. This approach allows the company to generate additional revenue and improve the overall financial sustainability of the business.
According to Toloka.vc, the Pluto pilot project has already demonstrated its viability. With 37 active subscribers, the average revenue per bike, including rental and additional services, stands at around £158 per month. Based on company estimates, reaching 100 active users would generate annual recurring revenue of approximately £200,000.
In the longer term, GIN e-bikes plans further scaling. As early as 2026, the company intends to raise up to £1 million to expand its fleet to 1,000 electric bikes and to grow its service infrastructure in London.
GIN e-bikes was founded in 2022 as an electric bike brand in the sub-£1,000 price segment. Following its strategic shift, the business has focused on a subscription model primarily targeting couriers and urban users, enabling faster payback periods and the generation of stable recurring revenue.
For Toloka.vc, this investment aligns with the syndicate’s strategy of backing businesses with transparent unit economics, real cash flow, and a clear scaling logic. Toloka.vc was founded in 2023 by Taras Kyrychenko, Ihor Shoifot, and Oleksandr Kolb; the syndicate brings together more than 1,800 investors. To date, it has completed 22 investments totaling over $22.5 million in technology companies with rapid growth potential.
