OnePlanetCapital today announces a new investment in eco-friendly e-Bike conversion kit company Swytch with its flagship Environmental EIS Fund.
The OnePlanetCapital EIS fund focuses on companies and projects that will genuinely benefit the environmental prospects of the UK and the wider planet, supporting the emerging green economy. Investing into the eBike company Swytch will support the overall negative impact in busy urban environments that are being challenged.
The investment from the OnePlanetCapital Environmental EIS Fund will deliver high environmental impact. Operating in a $23.89bn total addressable market, which is expected to grow to $47.68bn by 2026, the e-bike industry continues to transition customers away from motor vehicle and standard bike use and towards a more sustainable and efficient mode of transport. Transport accounts for 30% of global carbon emissions, with 72% coming entirely from road transport.
This is where Swytch comes in – creating a product that is easy to set up and can be used on 99% of bikes world-wide, making the transition from standard bike use to an eBike simple and indefinite. They have been able to save more than 17,000 tonnes of CO2 over the past two years with 500+ car miles avoided annually per customer. Swytch has reached over 700,000 existing waitlist subscribers and 35,000 existing customers, respectively gaining 15,700 sales in 2021. Mass adoption of the Swytch conversion in the long run will bring a drastic reduction in the level of CO2.
1 in 20 eBikes sold in the UK in 2020 was a Swytch conversion, a stat backed up by Mintel data of 170K ebike sales vs 9K Swytch kits.
The funding will accelerate the launch of many more unique and sustainable innovations, as well as the development of Swytch – the world’s leading eBike conversion kit company that can turn 99% of all standard bikes into electric bikes.
Matthew Jellicoe, Co-Founder of OnePlanetCapital, commented: “Swytch is an excellent company making an influential difference within a pressing global concern – rising emissions. Being the world’s leading eBike conversion kit company, Swytch is on a mission to save our planet. We are incredibly proud to be supporting Swytch on the investment of their innovative product and development plans. It’s a partnership that is vital for the longevity of our ecosystem.”
Oliver Montague, Founder of Swytch, commented: “The negative impact of road transport has caused near irreparable damage, which is why we all need to make a quick difference. Watching Swytch grow into the product we have always envisioned, has been something I am so proud of. We wanted to make a product that was available to anyone that wanted to make that change – an effective product so practical you can’t say no. In the past year it has taken off and with the help of OnePlanetCapital, we have limitless options. Our actions are important to make a difference for our planet, because if we don’t then who will!”
As a new venture capital business, OnePlanetCapital is raising capital for the companies of the future that will help to solve climate change and the environmental issues of today. By unlocking the positive impact of early-stage companies as they grow, an investment into the fund is not only an investment into our collective future but also a growth opportunity as the world pivots to a low carbon economy.