Swytch Technology closes financing round with over 3.9 million euros

Find out how Swytch is shortening delivery times and expanding into continental Europe with a €3.9 million funding round to give more bike enthusiasts access to affordable e-bikes.

London - Swytch, a company that offers a conversion kit to turn conventional bikes into e-bikes at low cost, has completed a successful funding round. Over 3.9 million euros were raised from various investors. This financial boost will enable Swytch to increase its stock levels for the Swytch kit and thus shorten delivery times.

This is a significant time for Swytch. The Swytch kit offers an affordable option for users to convert their existing bikes into e-bikes. The fresh capital will improve our delivery times

Oliver Montague, CEO of Swytch

The investors, mainly from the UK, consist of both old and new supporters. Swytch already has over 75,000 customers worldwide, with an average monthly increase of 2,000 new customers. With the new capital, the company is aiming not only to shorten delivery times, but also to build up a dealer network in the DACH region.

Swytch has already sold several thousand kits in German-speaking countries, and there are currently around 60,000 customers on the waiting list in Germany. Swytch plans to expand into continental Europe and is increasingly looking to partner with dealers, similar to the current rate of one in ten e-bikes in the UK being fitted with Swytch. Companies interested in partnering with Swytch can apply for the retail program via the online form.

Swytch Technology was founded in London in 2017 and offers a retrofit kit to convert conventional bikes into e-bikes. The sales model is based on a pre-order system in which the price is reduced depending on the waiting time. Dealers and wholesalers from German-speaking countries have the opportunity to add the Swytch kit to their product range. With around 70 employees, the company generated a turnover of around 17 million euros in 2022.