Guildford bike firm Spoon Group raises £740, 000 investment

By Stephen Emerson

23 September 2022

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A Guildford based bicycle company has closed a funding round at £740, 000. Spoon Group ltd previously closed a private investment funding round at £300 000.

The deals bring the valuation of the custom bike manufacturer to £3.7million.

The latest funding was spearheaded by investment firm FSE Group. Spoon Group ltd now plan to launch onto the ebike market by 2023.

FSE Group control the EM3 Growth Fund on behalf of Enterprise M3 Local Enterprise Partnership from which the funds were drawn.

In a statement to TBM investment manager, South East for The FSE Group, Paul Lyristis, said: “We were impressed by Spoon’s track record and the expertise of the senior management team and investors.

"The fund has supported the business since 2016, and it is encouraging to see the growth of the business."

Andy Carr, chief executive of Spoon Group, said: "It is great to be working alongside Paul and the EM3 team. Cyclists now know they can get more from their equipment if it's designed around their body.

"Our recent reviews prove we can compete on performance terms with any of the big brands too and this investment further demonstrates how the market is shifting away from mass produced equipment, in favour of specialists like us who can invest in product, service and personalisation to deliver and a better bike that will meet a customer's specific lifestyle and performance needs."

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.