WIWIN and Hessen Kapital are breaking new ground in venture capital financing for the Frankfurt startup Convercycle
Convercycle Bikes GmbH develops and produces a completely new type of bicycle: An innovative combination of city bike and cargo bike, which enables even larger loads to be transported in everyday life without any problems. The company has now raised over 400,000 euros through a crowdinvesting campaign via WIWIN. But not only the crowd was convinced: the state investor Hessen Kapital will also provide a total of 600,000 euros for further growth. This form of cooperation between the state holding company and the crowd is so far unique in Germany.
The money collected is primarily intended for the start of series production of the Convercycle bike. For WIWIN founder Matthias Willenbacher, the success of the mobility turnaround depends crucially on innovative ideas with ecological added value: “The Convercycle Bike offers unique possibilities and will encourage even more people to leave their car behind for shorter distances or even to do without it altogether. This is exactly the right approach to improve the air quality in our cities and reduce emissions. “
Hessen-Kapital managing director Jürgen Zabel explains: “With Hessen Kapital III (EFRE) GmbH we support Hessian companies through silent or open investments as an active partner as part of our equity financing. We look forward to working with the crowd investors to promote the market launch and establishment of the Convercycle Bikes as an urban, sustainable, space-saving means of transport. “
The Convercycle Bike is available in both the standard bike version and the e-bike version. Its compact dimensions do not differ from those of a conventional bicycle when folded. And: whether in the bicycle stand, the bicycle cellar or in the narrow hallway — you can park anywhere without any problems. The Convercycle Bike only becomes a cargo bike when you need one: The Convercycle Bike can be unfolded completely with just one movement without tools or great effort. This creates a loading area between the saddle and the rear wheel, which allows loads to be transported in 40 cm x 60 cm Euro standard boxes with a load of up to 60 kg. The Convercycle Bike can be comfortably ridden in city and cargo mode.
Public-private partnerships are currently more important than ever. Many of the public funds are linked to private investments and can only reach the startups in this way. It is therefore mostly a combination of investments by public bodies and institutional investors. The funds can often only be made available if private donors invest a corresponding amount. WIWIN and Hessen Kapital play a pioneering role and show how crowdfunded startups can benefit from state investors.