The E-bike market in Europe was at 3024.00K units in 2019 and is projected to reach 5374.60K units by 2024, growing at a CAGR of over 12%.
During this COVID-19 pandemic, e-bikes are becoming increasingly popular as it’s one of the socially-distanced and sustainable ways to move around. This demand is one of the key factors driving market growth.
With this opportunity, an Italian-based e-mobility startup Blubrake has developed an ABS (anti-lock braking system) technology for e-bikes that can be fully integrated into the bike frame.
Raises €5M
Blubrake has raised $6M (approx €5M) in its Series A round of funding led by e-Novia, the deep tech startup factory where Blubrake was founded. According to the company, it has raised more than $10M (approx €8.4M) in total funding.
Other investors include Progress Tech Transfer, a VC fund for sustainable technologies, as well as some private investors; Andrea Perin, MD at Banca Finint, and Michele Scannavini, President at Italian Trade Agency and at e-Novia.
The raised capital will help Blubrake to extend its international customers’ portfolio and to expand its product range with more mechatronic e-mobility solutions.
About Blubrake
Founded in 2015 by Fabio Todeschini Blubrake is a company that designs and produces mechatronic solutions for mobility. It has developed the first ABS for e-bikes that can be fully integrated into the bike frame.
According to the company, its ABS technology, which reduces the bike’s speed, is patented and derives from Formula 1 and motorcycle racing experience, and it can be fully integrated into the bike frame. This makes it suitable for any line of e-bikes, including e-city, e-trekking, e-Mtb, and speed pedelec, or for e-cargo bikes as well.
The company claims that its solution has been chosen by leading bike manufacturers, including the Swedish company Crescent and the German maker Bulls, among others.
Blubrake believes that the ABS is considered to be an upcoming revolution in the e-bike market and that the industry is experiencing double-digit growth for years.
“This funding round will allow Blubrake to fast-track the investments in our industrial and commercial structures in order to keep expanding our footprint in the market and to bring new solutions to it…we target a market that has a turnover of more than $20B (approx €16.9B),” comments Fabio Todeschini, Blubrake’s General Manager.
In 2018 Blubreak was selected for funding by the EU Commission as part of the EU Horizon 2020 program and its products have already been chosen by some of the largest operators in the e-bike industry.
Image credits: Bluebrake
