Wattbike creates bikes for indoor cycling, a pastime that soared during the Covid pandemic.
The business was founded in 2007 by a former rowing champion in collaboration with British cycling.
Its USP is technology, the Wattbike hub app allows riders to collect data for training and performance improvement. The software is agnostic, allowing friends to compete on rival apps like Zwift and Peleton.
Wattbike’s biggest flag bearer is the All Blacks rugby team with whom a new sponsorship deal was signed in September 2021.
Wattbike is still a minnow compared to Peleton. Its sales are around $30m versus $1.8b for the New York giant.
Like Peleton, Wattbike is following a direct Go-to-Market business model in the UK and US. In other territories it is actively looking for distributors.
Wattbike has around 60 staff and is funded by a UK private equity firm, Piper who have made several capital injections.