Why Olympic Cyclist Chris Hoy Invested in E-Bike Startup Skarper

Summary Box

SUMMARY

Skarper, a UK-based company has a clever click-on gadget that turns a standard bike into an e-bike without causing any permanent alterations.
The e-bike market is expected to grow to $72 billion by 2023 and at a compound annual growth rate of 11.86%.
Skarper uses its user-friendliness and creative design to carve out a position in the market against other conversion kits and traditional e-bike manufacturers.
The Skarper system costs £1,500 ($1,900) and takes 2.5 hours to fully charge. It can travel up to 50km (31 miles).
The company has been supported by six-time Olympic gold medal winner Sir Chris Hoy who invested in the company and has been involved in product development.
Currently, the company only ships within the United Kingdom but, in 2025 it intends to expand into Europe and ultimately the United States.

Olympic Cyclist Chris Hoy Champions: Skarper's E-Bike Revolution.

It may seem strange for Sir Chris Hoy, one of the most accomplished track cyclists, to support e-bikes. The six-time Olympic gold medallist, however, has endorsed Skarper, a UK firm developing a revolutionary tool that converts ordinary bikes into e-bikes with little effort.

Hoy contributed to the first financing round of Skarper, which has raised £12.8 million ($16.3 million) since its creation in 2020. The company's DiskDrive system was just delivered to the first wave of customers, and more deliveries are expected in the months to come.

Skarper's Different Method

Unlike traditional kits that require much wiring and alteration, the click-on solution of Skarper mounts a small motor directly on the rear disc brake rotor of a bike. This design allows for the conversion to be made between e-bike and conventional modes of the bike without altering either the original design or the quality of the ride.

Hoy was skeptical at first, but he began to see something in it.

Hoy said, "It almost seemed too good to be true." "However, I tested it and found that it operated flawlessly without affecting the bike's handling."

Market Possibility

The market for e-bikes is growing fast globally due to factors such as growing urbanization, increasing gasoline prices, and rising environmental awareness. The market is expected to grow at a compound annual growth rate (CAGR) of 11.86% from 2023 to 2030, from its 2022 valuation of $40 billion to $72 billion.

Companies like Skarper, who have customers who already have traditional cycles but want to have the flexibility of an e-bike, are going to benefit hugely from this expansion.

The need for micromobility solutions is increasing in densely populated cities, which will also be in support of Skarper's commercial potential.

Bridging the Gap

Hoy, who was initially skeptical about e-bikes, has since changed his mind after experiencing them firsthand.

According to Hoy, "you get that 'invisible hand' pushing you along while you're still cycling and using your body."

Skarper addresses common barriers to the adoption of e-bikes:

Convenience: bikes can be converted without having their structural integrity changed.

Accessibility: Ideal for people who face health problems or other restrictions which make normal biking problematic.

Sustainability: It provides zero-emission, environmental friendly mobility.

Competitive Landscape

Competing in an arena, quite dominated by:

Traditional E-Bike Manufacturers: Something like Giant, Trek, and Rad Power Bikes; masters of pre-manufactured models.

Conversion Kit Suppliers: Swytch and Bafang are competitors that offer DIY kits but are a little more tedious with wiring and tuning.

Skarper USP

Ease of Use: the DiskDrive system is incredibly easy to install and removals with your rear tire in a few seconds.

Performance: It takes 2.5 hours to be charged up, and it gets a top speed of 25 km/h (15 mph) and a top range of 50 kilometers (31 miles).

Versatility: It integrates well with most types of bicycles without disrupting their inherent balance and looks.

"It just puts the power into the system in a way that it preserves all its inherent balance and rigidity, utilizing the bike's existing structure," Hoy explains.

Premium Positioning: Skarper stays clear of head-on competition with the cheaper e-bike option by focusing on the road cyclists and pros.

Cost-Effective: Skarper, at £1,500 ($1,900), is for bikers who value convenience and quality over cheap solutions. Hoy said how it is a cost-effective proposition for daily use.

"It's not just a one-off gadget. You're attaching a high-quality motor to a bike you love, making it a great long-term investment."

Plans for International Expansion

Skarper is only available in the UK now, but the company plans to launch it in the U.S. shortly afterwards and continental Europe in the middle of 2025.

"Major U.S. retailers are among more than 100 distribution requests we've received worldwide," said COO Uri Meirovich.

To comply with local laws, the version sold in the U.S. will have a faster top speed of 20 mph.

A Bright Future Despite Stiff Competition

Skarper is focused on sustainability, innovation, and user-friendliness as the company looks to grab a significant share of the fast-growing e-bike market. Having Sir Chris Hoy as an ambassador and with its engineering expertise, the company is now well-equipped to challenge traditional e-bikes and traditional conversion kits, offering cyclists everywhere an attractive alternative.