Friday 18 January 2019

BleeperBike in crowdfunding debut

BleeperBike owns and operates a fleet of 550 bikes throughout the Dublin area. Photo: Marc O’Sullivan
BleeperBike owns and operates a fleet of 550 bikes throughout the Dublin area. Photo: Marc O’Sullivan
Louise Kelly

Louise Kelly

Bike-share firm BleeperBike is seeking an investment of €175,000 in its first equity crowdfunding campaign.

BleeperBike, which faced an initial setback when Dublin City Council halted its launch until new by-laws were approved, now owns and operates a fleet of 550 bikes throughout the Dublin area.

The BleeperBike makes a 'bleep' sound when locked and unlocked.

It allows users to rent out bikes which can be locked up at any public bike rack around the city.

Led by CEO Hugh Cooney, the firm has raised almost €28,000 of €175,000 it is seeking though crowdfunding platform Seedrs.

The firm is offering up to 17.9pc of its equity.

Mr Cooney said that since the firm secured a licence to operate within Dublin "we have been busy bedding in a lean operating model for maintaining and balancing the distribution of our bikes".

"This fundraising round will allow us accelerate our rate of growth in 2019 and to begin piloting long-range electric bikes with a battery capable of covering 200km on a single charge."

Mr Cooney intends to introduce an ebike, with an electric motor to help boost power, to his fleet; and R&D programme that has already received €75,000 in financial backing from Richard Barrett's Bartra.

Mr Barrett was a principal of the property firm Treasury Holdings, a business Hugh Cooney worked for in China, where he first got his idea for a bike-sharing company.

After returning to Ireland and using the Dublin Bikes scheme he launched his rival, stationless model.

Irish Independent

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