Tuvalum, Europe’s leading online platform for buying and selling second-hand bicycles, has closed a €3 million Series A investment round led by Demium Capital and Athos Capital. Investors in the round also include renowned business angels such as Joshua Novick, Mihalovits and Daruan Venture Capital, the investment vehicle of entrepreneur David Ruiz de Andrés.
This injection of private capital is complemented by other lines of financing and participative loans from the Valencian Institute of Finance, Enisa and Banco Sabadell.
The new financing, which amounts to a capital of 3 million euros, coincides with an evolution in its business model. Tuvalum has successfully launched a line of re-commerce, complementary to the current marketplace focused on professionals, with the aim of accelerating the purchase of bicycles and their reconditioning for sale. In addition to these services for the purchase and reconditioning of bicycles, a bicycle appraisal service has been added, totally online and free of charge. This prevents the sale of stolen and falsified bicycles.
Almost half of Tuvalum’s sales come from abroad, which is why part of the purpose of this financing is to position itself as the European benchmark in the second-hand bicycle buying and selling sector. To do so, they are committed to working the Italian and German markets, and continuing to grow in France.
The company has experienced growth of more than 300% in the re-commerce line and expects to close the year with a turnover of close to 10 million euros.
Alejandro Pons, CEO of Tuvalum, said: “This round reinforces the confidence placed in Tuvalum as a transforming agent in the second-hand bicycle market. It will help us to drive our new business model, based on the acquisition, purchase, refurbishment and sale of bicycles across Europe”.