The ProVen VCTs have invested £2.4m in Cycle Exchange, the UK’s leading resale platform for premium pre-owned bikes. The funding will enable Cycle Exchange to scale its UK presence, expand its refurbishment and servicing operations, and enhance its technology platforms.

Cycle Exchange was founded by Matt Connelley, an avid cyclist who had become frustrated by the lack of a reliable destination to buy pre-owned premium bikes. Leaving a career in the City, Matt set about building a platform that would provide cyclists with a premium buying experience and access to pre-owned equipment refurbished to an exceptional standard at competitive prices.

Cycle Exchange today offers a single, trusted destination for buying, selling, and exchanging premium bikes. The business offers a curated selection of pre-owned road, gravel, and mountain bikes, as well as parts and accessories, which consumers can access online or in-person at a state-of-the-art processing facility and retail space in South West London and a growing network of partner outlets across the country. This unique model, bringing together expert refurbishment across a range of retail channels, has enabled Cycle Exchange to build a loyal customer base that has driven impressive growth and profitability for the business.

The UK remains one of the world’s foremost cycling markets – the country spends close to £1bn annually on bikes, with close to 80 per cent of this value spent on high-end equipment. The pre-owned segment has also grown rapidly as riders seek access to high-spec bikes at more accessible price points, creating a vast opportunity for Cycle Exchange’s specialist, quality-led platform.

The ProVen VCTs' investment will support Cycle Exchange in broadening its national footprint, enhancing operational capacity at its refurbishment hub, and strengthening the company’s technology platform to streamline procurement and optimise pricing.

The ProVen VCTs will also bring substantial experience from its successful investments in circular platforms such as MPB, the global resale platform for photography equipment, and Watchfinder, the marketplace for pre-owned luxury watches that was acquired by Richemont in 2018.

Kiu Kim, Investment Director at Beringea, the investment manager of the ProVen VCTs, said: “Cycle Exchange has quickly risen to be the UK’s leading resale platform for high-end bikes, driven by an uncompromising approach to ensuring bikes are refurbished to like new condition. This is reflected in their exceptional customer reviews and their partnerships with iconic brands such as Pinarello, Brompton, and British Cycling.

“The business is addressing a clear shift in how consumers purchase premium bikes, and its model combines strong unit economics, sustainability, and a far more attractive value proposition for the customer. We look forward to working with Matt and the team to scale Cycle Exchange across the UK and beyond, in line with the ProVen VCTs' focus on backing capital-efficient growth companies.”

Matt Connelley, founder and CEO of Cycle Exchange, commented: “We have spent years building the expertise, systems, and processes required to operate a high-quality pre-owned platform. This investment from the ProVen VCTs will enable us to take the next step – expanding our operations, improving our customer experience, and strengthening our technology. We look forward to working with Kiu and the team to scale Cycle Exchange and further develop our trusted position within the cycling community.”