People’s Champion finalist 2017: Buzzbike

Start-up name: Buzzbike
Founders: Andy Nunn, Tom Hares
Started in: June 2016
Based in: London
Business description: Free urban cycling scheme

Shortlisted category:

Crowdfunded Business of the Year

The Buzzbike story:

With 66% of the world’s population expected to live in a city by 2050, increased air pollution and congestion on the roads is a problem that needs solving, fast.

Pitched as the world’s first free urban cycling scheme, Buzzbike combines gamification with bike rental in an effort to get more Londoners cycling around the city.

Using Bluetooth tech, riders can record their rides, track their own progress, track money saved versus public transport, and access leader boards to compete against other riders.

Offering riders “the complete package”, which includes a high-end bike, lights, lock, insurance and servicing, Buzzbike’s app automatically records users’ journeys and rewards them the more they cycle.

Buzzbike – previously featured among the top start-ups launched in 2016 – claims its platform typically sees an 30%-50% increase in cycling rates when prizes are available.

As well as its direct-to-consumer subscription service, the start-up also has a B2B offering – giving businesses a potentially lucrative sponsorship opportunity.

A highly targeted form of advertising, all elements of Buzzbike’s service can be used as a marketing platform for brands, such as sponsorship on the bike and app to even choosing what destinations the cyclist must travel to in order to win prizes.

The start-up’s subscription service also offers riders the same platform but without any brand sponsorship, rules or commitments. Riders are charged a monthly subscription fee and can cancel at any point by giving 30 days’ notice.

Having raised £50,000 seed funding, Buzzbike successfully bagged £410,000 from investors on equity-based crowdfunding site Crowdcube back in July 2016.

In exchange for a share of 28.08% equity, 270 armchair investors backed the business – with one investor funding £50,000.

Why Buzzbike made our shortlist:

Incentivising more environmentally friendly ways of travelling in a fun and interactive way, and targeting both the BSB and B2C sectors, if Buzzbike’s bikes are as popular on the road, as the start-up is with ‘the crowd’, there’ll be no stopping it.

Where to find out more about Buzzbike:

Website: www.buzzbike.london
Twitter: @BUZZBIKELONDON