Wednesday 20 September 2017

Andy Murray funds company behind world's first foldable bike helmet

Andy Murray funds company behind world's first foldable bike helmet
Andy Murray funds company behind world's first foldable bike helmet

Josie Cox

He may be almost unbeatable on the tennis court, but how will Andy Murray fare in the world of investing?

On Monday, a company that claims to make the world's first folding bike helmet announced that the tennis pro was one of more than 400 individuals who had helped it raise nearly £700k (€825k) on crowdfunding platform Seedrs. Moroher’s bike helmets fold and unfold, meaning that they can easily be slipped into a bag when not in use, catering to cyclists who find normal helmets cumbersome to carry around.

"Morpher is a product that the modern cyclist should own –one that has been dutifully perfected by an award-winning inventor,” the tennis champion said in a press release.

Jeff Woolf, an inventor and the CEO of Morpher said that Sir Andy’s investment and endorsement was “absolutely brilliant”.

Mr Woolf created the helmet after personally surviving a major bicycle accident. Since launching, more than 4,000 Morpher helmets have been sold worldwide. The product is patented in several countries and was named one of Time magazine's top 25 inventions of the year in 2016.

On Monday, the company said that the most recent round of fundraising would help to cover the cost of meeting growing demand from cyclists and distributors worldwide. Morpher also plans to develop a range of new safety products for the snow sports, motor sports and security markets.

"With the rise in commuter cycling and over 200 million people regularly using bike share schemes across the globe, as well as the fact that more bikes are sold than cars in the EU and US, the market for this product is simply staggering", Mr Woolf said. The helmets currently retail at £116 on Morpher’s website.

Sir Andy has a history of backing fledgling companies, having already backed start-ups including peer-to-peer currency exchange platform WeSwap, Oppo Ice Cream and TicTrac, a company that tracks habits to encourage people to lead healthier lives.

Independent News Service

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