Ukrainian venture capital syndicate Toloka.vc is investing £510,000 in British e-bike company with Ukrainian co-founder Gin.
Gin was founded in 2022 in Reading, a suburb of London. The co-founders of the startup are Ukrainian Maryna Vlasenko and Indian Rahul Pushp. Gin makes hybrid bikes for long-distance trips.
Terms of the agreement
The startup raises £510,000 from Toloka.vc investors, which it will use to increase production and sales. Toloka.vc leads the investment round, joining the startup's board of directors. Due Diligence is conducted by Baker Tilly. The deal contains a debt component, which means quarterly interest payments to investors.
What will the funds be used for?
Increase in production and sales to 200 units per month by the end of 2024. Expansion of production capacity. For this, the markets of Poland and Ukraine are being considered. Also, the startup plans to launch a cargo bike model specially designed for delivery drivers (Glovo, Uber Food) and equip all bikes with carbon and folding frames to increase portability.
The Ukrainian syndicate Toloka.vc was founded by Oleksandr Kolb (Promodo), Igor Shoifot (TMT Investments) and Taras Kyrychenko (“Nova Poshta”) in May 2023. The debut investment is approximately $1 million in the American medical service Forta Health, which helps in the treatment of autism with the help of artificial intelligence.