Lug+Carrie secures $18m debt facility to scale eBike market
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The news: Boutique financier Catalytic Impact Capital has provided an $18 million asset-backed debt facility to electronic bicycle (eBike) subscription platform Lug+Carrie to accelerate its expansion across Australia and build on its United States footprint.
The context: The company aims to help commuters replace short car trips with eBikes, reducing carbon emissions and creating more sustainable cities.
Lug+Carrie stated that the funds will be used to accelerate its subscription model, projecting to put more than 15,000 customers on eBikes across Australia and the United States by 2028. This growth is expected to displace an estimated 4.5 million car trips per year.
Lug+Carrie currently operates across Melbourne, Sydney and Brisbane, and trades as Wombi in Los Angeles and Seattle. The new facility is geared towards backing the next stage of this US expansion.
What they said: “In car-centric cities like Sydney and Seattle, more than half of all car trips are under five kilometres, exactly the distance an eBike handles better than a car,” Lug+Carrie CEO Daniel Carr said.
“Consumers in both countries are responding to the same forces: rising petrol prices, congestion, investment in cycling infrastructure and eBikes are that are genuinely great products. The conditions for adoption are the same. We’ve just started,” he added.
The source: Lug+Carrie media release
