Antwerp-based Classified Cycling, a company that claims to be developing “innovative” technology for the cycling industry, announced on Thursday that it has raised €22M in a fresh round of funding.
The round was led by Active Partners, the investor behind well-known cycling brands Rapha and Evans Cycles. Nick Evans, Managing Partner at Active Partners, Chairman of Rapha and former Executive Chairman of Evans Cycles, will join the Classified board.
The round also saw participation from existing investor Bridford Investments Limited. Olympic and World Champion riders, Tom Boonen, Anna Van der Breggen, Andre Greipel, and Marcel Kittel also joined the round
Innovative drivetrain products for the cycling industry
Drivetrain and transmission systems, the components of a bike that transfer power to the wheels, are an area ready for new technology. Classified Cycling claims that it is leading in this area, using deep technology expertise to transform the riding experience and performance for all cyclists.
Founded in 2019 by Mathias Plouvier and Roëll van Druten, the company is located in Antwerp (Belgium) and Eindhoven (the Netherlands). It has created Powershift technology, a wireless shifting system that gives riders the best shifting experience by enabling them to immediately change gears while operating under full load, which is not achievable with current products on the market. This innovation improves the bike’s transmission’s efficiency and simplicity, making it more equivalent to a gear system found in a vehicle.
The first application of the company’s technology, the Powershift hub, is a transmission system integrated into the rear wheel that replaces the front derailleur (the component that moves the chain from one chain ring to the other when changing gears).
According to the company, even elite riders have hailed the Powershift hub since it was introduced in 2021. The device has also been certified by the UCI, the cycling industry’s governing body, for use in competition.
Classified is already in partnership with over 40 brands, and the Powershift hub is available through more than 25 distributors and 300 dealers in key markets.
Nick Evans, Managing Partner at Active Partners, says, “Classified is disrupting the bike and e-bike markets with a genuinely differentiated and innovative product that radically improves the riding experience for all cyclists. Ride it once and you will feel the difference! We are excited by Mathias and Roëll’s vision to transform the future of cycling and look forward to helping the team to accelerate their product development, invest in the Classified brand and distribution, build strategic partnerships and accelerate the widespread adoption of their technology by the industry and riders around the world.”
Capital utilisation
Classified Cycling says it will use the funds to accelerate new product development, expand its team, and establish new commercial and strategic partnerships globally.
Mathias Plouvier, co-founder and CEO at Classified, says, “We have developed technology unseen in the cycling industry, taking rider experience to the next level. We use ground-breaking innovation to push the boundaries of what is possible on the bike. Particularly shifting under load and improving efficiency are features required for ultimate performance and the next generation of e-mobility. With this new investment and an appetite for disrupting the cycling industry we are well-equipped to take our technology to riders around the world.”
The company is focusing on expanding in the US and European markets. And in order to increase the accessibility of its products globally, Classified Cycling will also enter the e-bike industry using its Powershift technology to create a gearbox for e-bikes that is lighter, more robust, and efficient.
