GB
Cycle Exchange, the UK's go-to marketplace for premium pre-owned bikes, has built a seriously loyal community of cyclists who care about quality, not just price tags. Their model has completely changed how people buy and sell bikes, catching the attention of riders and investors alike.
So, when it came time to raise their Series A, with Beringea leading the round, it was a huge milestone, and a well-deserved one.
“We’ve built something really special at Cycle Exchange - a business that’s driven (quite literally) by our passion for cycling,” said Matt Connelley, Founder & CEO of Cycle Exchange. “This investment gives us the fuel to scale our platform, expand our reach, and make the experience of buying and selling bikes even better for our community.”
We worked with the Cycle Exchange team throughout their Series A fundraising, making sure everything was buttoned up before closing - especially the cap table (which can be a bit of a wild ride by that stage).
For any growing business, the cap table management process can quickly become complicated - especially after years of early hires, angel investors, and convertible notes. All of which seems essential to go from zero to one, but as you get near to one, you hear a lot about institutional investors wanting a “clean cap table”. So we jumped in to align the cap table ahead of the round to ensure Beringea and everyone else were happy that the cap table was Series A ready.
“Cycle Exchange is a perfect example of a business that’s nailed product–market fit and is now ready to accelerate with the right backing,” said Abdul Khan, Head of Corporate & Fundraising at Founders Law. “Our job was to make the investment process as smooth and transparent as possible so the founders could stay focused on running the business.”
Series A rounds can go sideways fast if the cap table isn’t clean. Investors need confidence that everything adds up, and founders need the headspace to actually run their business.
By getting ahead of the tidy-up, the Cycle Exchange team were able to move through due diligence quickly, keeping everyone happy and the deal moving forward.
The round closed successfully, with Beringea leading the investment and a clean, investor-approved cap table in place. Cycle Exchange now has the backing, structure, and momentum to scale up and keep transforming the cycling resale space.
For us at Founders Law, it was a total privilege to help get them over the line and see another brilliant founder-led business step into its next chapter.
“We love working with founders like the Cycle Exchange team,” Tom Bohills, Founder of Founders Law added. “They’re passionate, pragmatic, and deeply connected to their customers - exactly the kind of business we built Founders Law to support.”
Cycle Exchange’s Series A is a big moment and we’re proud to have played a small part in helping make it happen.
If you’re gearing up for your next raise and your cap table feels more like a maze than a map, we can help get you investor-ready before things start flying around the inbox.
👉 Get in touch. We’ll help you get the legal stuff sorted so you can focus on what you do best: building your business.
