Slingshot Ventures and Ponooc, two Dutch VCs in consumer tech and mobility respectively, have invested $3.5M (approximately €3.2M) in US-based UNIT 1, a smart bike accessory startup.
The Series A round also saw participation from Angel Investors as well as Joyned Capital, a community for athletes who want to transform into smart investors.
About the investors
Amsterdam’s Ponooc is a venture capital fund that focuses on mobility and energy. It has expertise in the mobility sector through its close ties with Pon Holdings, the holding company of Pon.Bike that owns brands such as Urban Arrow, Veloretti, Kalkhoff, and Focus.
Friso Bensdorp, Director at Ponooc, says, “The team of Unit 1 has demonstrated that the highest safety specs and beautiful design can go hand in hand. We believe that the safety accessory market will further grow and look forward to supporting Juan and Francisco in the next growth phase.”
Amsterdam-based Slingshot Ventures co-led the round. It focuses on consumer tech and considerable know-how in the space.
Tom Kist, Managing Partner at Slingshot, adds, “With e-bikes becoming more visible in today’s streets, we believe that road safety is going to become increasingly important.”
“UNIT 1’s approach to putting safety at the core of its smart products through combining both improved visibility and connectivity are crucial elements to improving cyclists’ safety.”
What does UNIT 1 offer?
Founded by Juan Garcia Mansilla and Francisco Abelleira Blanco, the goal of UNIT 1 is to create smart safety gear for bikes, e-bikes, and e-scooters that will make mobility safer via design and technology.
Smart helmets, lighting, and other bicycle accessories produced by UNIT 1 boost rider safety.
The company claims that each of its products has a potent technological component that improves rider safety and a potent design component that removes pain spots from the “usual” riding experience.
According to the company, its product FARO Smart Helmet features “a beautiful design filled with technical innovation to protect the rider and even prevent crashes from happening.”
Through their collaboration with Stromer, the industry leader in speed pedelecs, UNIT 1 claims to have elevated FARO and created an entirely new riding experience with their FARO Smart Helmet.
Capital utilisation
UNIT 1 says that just one year after its debut, the FARO Smart Helmet is now being used by thousands of riders worldwide, placing the company in a strong position to further its expansion into the accessories industry.
The company claims that it will use the funds to increase the size of its team, accelerate the development of its safety-focused technology, and broaden its product offering.
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