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Home » Latest Articles » E-bike subscription service predicts triple revenue as UK demand surges
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E-bike subscription service predicts triple revenue as UK demand surges

Sam AllcockBy Sam Allcock15/08/20243 Mins Read
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Blike, a UK-based e-bike subscription service, is poised to nearly triple its revenue in the coming years as the country’s demand for electric bicycles continues to rise.

Blike, which offers e-bikes through an affordable subscription model, is projecting significant growth, with revenues expected to increase from approximately £750,000 in the previous year to more than £3.4 million in the current financial year. By 2025, the company forecasts its sales will reach over £9 million, driven by a surge in UK consumers and businesses seeking sustainable, cost-effective, and healthy transport options.

The company’s growth aligns with broader market trends. Research by Mintel suggests that the UK e-bike market will expand from £300 million in 2022 to £2 billion over the next eight years. Blike’s subscription service, which operates nationwide through a network of independent retail partners, offers a wide selection of both new and recycled e-bike models, catering to a diverse range of preferences and needs.

Blike is distinctive in its approach, offering not only a broad selection of e-bikes but also catering to the B2B market. The company provides bicycles for employees under the UK Cycle to Work Scheme and through fleet sales. Among its clients are businesses in the hospitality sector and healthcare organisations, including the Central London Community Healthcare NHS Trust, which uses more than 40 Blike-provided, insured, and maintained e-bikes for community health workers.

The company, launched in 2022, was co-founded by CEO Tim Carrigan, a seasoned tech entrepreneur who previously established one of London’s first digital agencies, and CFO Steven Ellis, a former hedge fund manager with over 25 years of experience in global finance. The company is supported by key advisers, including serial tech investor Jan Petzel, formerly of McKinsey and Goldman Sachs, and venture capitalist Jay Lakhani, recognised on Forbes Magazine’s 30 Under 30 list for Science & Healthcare.

To support its ambitious growth targets, Blike has initiated a new investment round, seeking to raise a minimum of £150,000 through crowdfunding. The funds will be used to further develop the company’s technology, enabling major bike brands to offer customised Blike subscriptions to their customers. Additionally, the investment will help expand the Blike team, with plans to create 10 new positions within the next year, and bolster marketing efforts to increase brand visibility and drive growth.

Blike’s CEO, Tim Carrigan, expressed optimism about the company’s trajectory. “At Blike, our mission is to make e-bikes accessible to everyone. We’re fuelling the e-bike revolution by empowering consumers with more choice, flexibility, and the ability to break down barriers to entry. Our innovative approach, which focuses on affordability and convenience, has driven substantial growth since our launch two years ago. We’re on track for significant revenue gains as we expand our reach in both B2C and B2B markets, helping more people embrace green commuting and the joys of two-wheeled transport.”

While Blike’s immediate focus remains on UK expansion, the company has plans to enter the European e-bike market by 2027. CFO Steven Ellis added, “We are well-positioned to capitalise on the increasing demand for e-bikes, especially during times of financial pressure. Our revenue projections are robust yet realistic, targeting just 1.4% of a rapidly growing market. With e-bikes already accounting for more than 50% of total bike sales in some European countries, we are confident in our ability to achieve sustained growth.”

demand e-bike predicts revenue service subscription surges triple
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Sam Allcock
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