Spoon Group – the company created from the merger of custom bike brands Spoon Customs and WyndyMilla in 2019 – has closed a funding round totalling £740K.
According to the company… ‘This investment will help the business further develop its portfolio of road & gravel bikes and grow the team to help improve the overall customer experience. Spoon will also be seeking to produce its first custom performance e-bike.’
After a successful private round brought in almost £300K in new investment, long-term debt partner and institutional investor FSE Group stepped in with matched funding through its Enterprise M3 initiative, bringing the total raised to £740K and valuing the bespoke bike company at £3.7 million.
The new company, led by Spoon Customs founder Andy Carr, was created when former Ovo Energy retail boss Chris Houghton identified an opportunity to rejuvenate the WyndyMilla bike company by tying up with start-up, Spoon Customs.
Since the merger, the company has released its newest bike, the Spoon Vars Disc – a new made-to-measure carbon road bike that offers a focus on fit, fabrication, and finishing.
With exciting products in steel and carbon bike design, the company will use the funding to further develop its portfolio of road and gravel bikes.
The company also owns and operates Gun Control Custom Paint, a leading technical and creative finishing company.
Moving forward, Spoon’s plans include developing a new performance e-bike in 2023. This will enable the company to take part in recent growth in the e-bike space whilst growing its international customer base by increasing brand awareness and distribution.
Andy Carr, Chief Executive Officer of Spoon Group, said “Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do.
“Our recent reviews prove we can compete on performance terms with any of the big brands; and this new funding will help us shift more people away from mass produced equipment, in favour of a better bike made with perfect fit, fabrication and finishing, designed for individual performance needs.”
Paul Lyristis, Investment Manager, South East for The FSE Group, 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 with great products that are receiving increasing recognition. We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris and the team to ensure they reach their goals for growth.”
