By Lesley Green-Rennis
- LeBron James’ LRMR Ventures participated in Canyon Bicycles €30M funding round, valuing the company at €750M
- The e-bike market is valued at $27.2B in 2021, and is expected to reach $54.4B by 2027
LRMR Ventures, the family office of LeBron James and Maverick Carter, along with SC Holdings, a U.S.based private equity firm have joined forces to invest in Canyon Bicycles GMbH (Canyon). As the world’s leading direct-to-consumer manufacturer of premium bicycles, based in Koblenz, Germany, LRMR Ventures participation in the Canyon’s €30 ($30.9M) million funding round now values the company at €750 million ($774M).
Why This Matters: Both James and Maverick are self-proclaimed avid cyclists and the injection of capital received from LRMR Ventures and SC Holdings will facilitate Canyon’s ambitious U.S. expansion goals. The investment will allow Canyon to boost its worldwide brand awareness by improving online shopping efficiency and increasing engagement in the e-bike sector in general. Bike imports to the U.S. (excluding e-bikes) surged to 4.7 million during the first quarter of 2020.
Specifically, in the U.S. Canyon is a pioneer in bicycle innovation, technology, and performance. The company hopes to capitalize on the confluence of several societal factors including sustainable mobility, internet distribution, and the health and wellbeing industry demand. Canyon plans to grow its reach by expanding its service portfolio and advancing the fields of e-bikes, urban bikes, and connectivity.
What’s Next: The company is committed to supporting grassroots athletes and stimulating new riding communities. Roman Arnold, Canyon’s current owner, stated: “LRMR and the SC team immediately grasped our objective to create the world’s most inventive and exciting bike company, even though we were not actively seeking additional investors. They will be essential members of our team because of their enthusiasm for the project we are working on.”
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