British startup GIN E-Bikes has raised €580,000 in funding from Ukrainian venture capital syndicate Toloka.vc. GIN E-Bikes, which manufactures hybrid e-bikes designed for long-distance journeys, plans to use the funds to increase production and sales volumes. The company aims to boost production to 200 units per month by the end of 2024 and expand into the Polish and Ukrainian markets. The investment from Toloka.vc includes a debt component, which will involve quarterly interest payments to investors. GIN E-Bikes also plans to launch a cargo bike model for delivery drivers and will equip all of its bikes with carbon and folding frames for portability.
London’s GIN E-Bikes accelerates with €580k to boost hybrid production.
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