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Top 8 Cycling Startups in 2024

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Have you ever wondered who is on the list of Cycling companies with the highest growth rates?

You’re not alone.

There are hundreds of companies in this space, and it can be difficult to keep track of them all.

We've decided to take a deep dive and put together a list containing 8 fast-growing Cycling startups that have top-tier venture capital funding.


8 Cycling Startups

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1) Mate.bike

Mate.bike

Mate.bike designs and manufactures one-of-a-kind, enjoyable, and cheap electric bicycles to alleviate traffic congestion, climate change, and health concerns.

Details of the startup:

  • Country: Denmark
  • State: Hovedstaden
  • City: Copenhagen
  • Started in: 2016
  • Founders: Christian Adel Michael, Julie Kronstrøm Carton
  • Number of employees: 11-50
  • Funding: $26,606,978
  • Funding rounds: 4
  • Number of investors: 1 (Squared Circles)

You can find their website here.

2) ONN Bikes

ONN Bikes

We're a micromobility platform that makes first- and last-mile transit easier.

Details of the startup:

  • Country: India
  • State: Maharashtra
  • City: Mumbai
  • Started in: 2015
  • Founders: Namit Jain, Shanky Munoth
  • Number of employees: 101-250
  • Funding: $791,935
  • Funding rounds: 3
  • Number of investors: 9 (Venture Catalysts, JITO Angel Network, Z Nation Lab, Grace Venture Partners, Jayesh Parekh)

You can find their website here.

3) MYBYK

MYBYK

MYBYK is a bicycle sharing and rental app with a premium service.

Details of the startup:

  • Country: India
  • State: Gujarat
  • City: Ahmedabad
  • Started in: 2014
  • Founders: Arjit Soni
  • Number of employees: 1-10
  • Funding: $1,000,000
  • Funding rounds: 1
  • Number of investors: 2 (Avon Cycles Ltd, Sanjay Baweja)

You can find their website here.

4) ofo

ofo

Ofo is a bike-sharing platform that operates entirely online and through a mobile app.

Details of the startup:

  • Country: China
  • State: Beijing
  • City: Haidian
  • Started in: 2014
  • Founders: Wei Dai, Xue Ding, Yang Pinjie, Yu Xin, Zhang Siding, Zhang Yanqi
  • Number of employees: 1001-5000
  • Funding: $2,151,231,992
  • Funding rounds: 9
  • Number of investors: 23 (Alibaba Group, DST Global, Xiaomi, Didi, Ant Group)

You can find their website here.

5) Hello TransTech

Hello TransTech

Hello TransTech (previously HelloBike) is a Chinese company that creates smart-sharing bikes for short-distance travelers.

Details of the startup:

  • Country: China
  • State: Shanghai
  • City: Shanghai
  • Started in: 2016
  • Founders: Han Mei, Jiang Wei, Li Kaizhu, Yang Lei
  • Number of employees: 1001-5000
  • Funding: $1,754,944,610
  • Funding rounds: 7
  • Number of investors: 7 (GGV Capital, Ant Group, WM Motor, Primavera Capital Group, Fosun International)

You can find their website here.

6) Zwift

Zwift

Zwift is an online exercise platform that turns boring lonely indoor riding into exciting and social experiences.

Details of the startup:

  • Country: United States
  • State: California
  • City: Long Beach
  • Started in: 2014
  • Founders: Alarik Myrin, Eric Min, Jon Mayfield, Scott Barger
  • Number of employees: 251-500
  • Funding: $619,500,000
  • Funding rounds: 8
  • Number of investors: 16 (True., Shasta Ventures, Max Levchin, Kohlberg Kravis Roberts, Amazon Alexa Fund)

You can find their website here.

7) The Pro's Closet

The Pro's Closet

The Pro's Closet is a re-Commerce business that sells high-end pre-owned bikes and bike parts.

Details of the startup:

  • Country: United States
  • State: Colorado
  • City: Boulder
  • Started in: 2006
  • Founders: Nick Martin
  • Number of employees: 51-100
  • Funding: $67,985,756
  • Funding rounds: 5
  • Number of investors: 4 (Edison Partners, Foundry Group, The Chernin Group, Ridgeline Ventures)

You can find their website here.

8) Lime

Lime

Lime makes it possible for individuals to get around their cities in a cost-effective and convenient manner while reducing their carbon footprint.

Details of the startup:

  • Country: United States
  • State: California
  • City: San Francisco
  • Started in: 2017
  • Founders: Adam Zhang, Brad Bao, Caen Contee, Charlie Gao, Kazuma Furuki, Toby Sun
  • Number of employees: 501-1000
  • Funding: $945,000,000
  • Funding rounds: 13
  • Number of investors: 50 (GGV Capital, FJ Labs, Uber, Andreessen Horowitz, Fidelity Management and Research Company)

You can find their website here.

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