Pedal Your Way to Start-Up Funding

Pedal Your Way to Start-Up Funding

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YBIKE Evolve is the world’s first 3-in-1 pedal trike and balance bike combination for kids. It has broken all records in South Africa by raising over R32 500 of its required R100 000 start-up-funding in just one week via online crowdfunding café, Thundafund.

Chrome Cherry Design Studio, the industrial design and product development company that created YBIKE Evolve, has taken innovation and product development to a whole new level.

Internet used to raise start-up funding

Instead of opting for more conventional financing, they joined the growing number of South African designers and entrepreneurs who are taking their creations straight to their customers via the internet.

By allowing people to pre-order, they have not only begun to raise capital but built a supportive fan base that has, quite literally, bought into their business.

Jaco Kruger, co-founder of Chrome Cherry Design Studios and managing director of YBIKE, explains: “Because we’re pushing the boundaries to create a bike that not only grows with your child but promotes the development of gross motor skills, balance and co-ordination, we thought we’d take an out-of-the-box approach to funding the growth of our business through crowdfunding which is taking off at an enormous rate worldwide.”

How the online offers work:

  • The Early Wheel Special will see each of those providing a R650 “pledge” receive a red Evolve valued at R1 500 in October.
  • Parents can also turn their child into a star.  A R1 250 pledge will ensure their child appears on all of Evolve’s packaging for a year, in addition to receiving a limited edition 3-in-1 tricycle and balance bike.

A bike that evolves with your child

The Evolve trike-bike does exactly as its name suggests – it grows and changes along with a child’s riding ability. The Evolve starts out as a three-wheeler trike to develop peddling skills before transforming into a balance trike and then, finally, into an advanced balance bike.

 

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Alison Job
Alison Job holds a BA English, Communications and has extensive experience in writing that spans news broadcasting, public relations and corporate and consumer publishing. Find her at Google+.