ProVen VCTs has invested £2.4 million in Cycle Exchange to support the growth of its premium pre-owned bike platform across the UK.

Target Information

Cycle Exchange, founded by Matt Connelley, is the UK's premier resale platform dedicated to premium pre-owned bicycles. Frustrated by the absence of a reliable source for purchasing high-quality used bikes, Connelley transitioned from a career in finance to create a platform that offers cyclists an exceptional buying experience. The company specializes in offering refurbished bicycles at competitive prices, providing customers with a trusted destination to buy, sell, and exchange premium bikes.

Cycle Exchange boasts a curated selection of pre-owned road, gravel, and mountain bikes, along with various parts and accessories. Customers can access these offerings online or visit the state-of-the-art processing facility and retail space located in South West London, alongside a growing network of partner outlets throughout the UK. This integration of expert refurbishment and diverse retail channels has fostered a loyal customer base, driving notable growth and profitability for the company.

Industry Overview

The cycling industry in the UK is robust, with consumers spending nearly £1 billion annually on bicycles. Approximately 80% of this expenditure is allocated toward high-end equipment, indicating a strong market demand for premium