The investment will be used to increase its production and sales volume.
Gin was founded in 2022 in Reading, a suburb of London, by Ukrainian Maryna Vlasenko and Indian Rahul Pushp. Gin produces hybrid bikes for long-distance trips.
The £510,000 investment from Toloka.vc will help to increases production and sales.
Also, Toloka.vc is joining the startup’s board of directors. Due Diligence is conducted by Baker Tilly.
The agreement contains a debt component, which means quarterly interest payments to investors.
Raised fund will be used:
- to increase the production and sales to 200 units per month by the end of 2024;
- to expand into Polish and Ukrainian markets;
- to launch a cargo bike model specifically designed for delivery drivers (Glovo, Uber Food) and equip all bikes with carbon and folding frames to increase portability.
.png)
