Apex Rides, a London-based company that introduced the in-home smart-bike and app concept during the lockdown, has raised £3 million in its seed round.
The investors who backed the round are Sir Rod Aldridge, founder and former executive chairman of Capita, and Eddie Jordan, OBE, former Formula 1 team boss and entrepreneur.
The funding will be used to accelerate app and hardware development and wider content creation, and fuel expansion internationally.
2500 pre-orders in 6 months
Following an initial pre-sale campaign that launched in April 2020, Apex Rides has generated 2,500 pre-orders of the bike over 6 months.
Founded by Simon Cook and Charlie Lucas in 2018, Apex Rides offers the in-home workout at a more accessible price. The company has exclusively partnered with London spin studio Boom Cycle as well.
How does it work?
Using Bluetooth technology, Apex riders connect their bike to the Apex Rides app via their iPad or iPhone – and can also cast to their TV screens.
Unlimited Apex classes are available both live and on-demand on the Apex Rides app on an affordable subscription basis, and are accessible 24/7.
Up to six different profiles can be added to one account so that housemates and family members can split the cost and share the fun. The app is gamified and offers challenges to its riders, enabling them to get competitive with fellow riders and keep motivation high.
The bike is offered in four neutral colours (black, navy, sand, and mist) to suit different interiors.
Simon Cook, the co-founder of Apex Rides, says, “When we began building a brand for Apex, we wanted to create something inclusive and encouraging, against the grain of the competitive and athletically-skewed players on the market. We also devoted a lot of time to both the functionality and design of our bike, aesthetically upgrading the utilitarian style of the traditional exercise bike. We believe the at-home fitness market is still very much in its infancy in the UK and for Apex – it’s just the beginning.”
Charlie Lucas, co-founder of Apex Rides, comments, “Although we’ve been working on Apex Rides for over two years and already had confidence in the growth of this sector, the unusual circumstances we currently face have accelerated things exponentially. Consumers are adapting and searching for fun and convenient ways to workout from their homes, and this unprecedented interest in the home-fitness space has helped us hugely in our fundraising.”
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