Cycle Exchange secures £2.4m to expand refurbishment hub and certify pre-owned bikes
This article covers Cycle Exchange, an ecommerce startup that has secured a £2.4m investment from Beringea to expand its marketplace for premium pre-owned bikes. The funding will widen its UK footprint, increase refurbishment capacity and improve its technology platform, supporting riders and retailers in the high-end cycling market.
Cycle Exchange, an ecommerce startup, has secured fresh funding to expand its marketplace for premium pre-owned bikes. The move underlines rising consumer demand for high-spec secondhand cycles and the economics of refurbishment-led resale businesses.
Why it matters
The UK is a substantial market for high-end cycling equipment, with annual spending on bikes close to £1 billion and roughly 80% of that value on premium kit. As riders look for access to performance bikes at lower price points, pre-owned marketplaces are becoming a more significant channel across recreational and competitive segments. Cycle Exchange’s model — combining refurbishment, certification and online retail — is positioned to capture that demand while extending product lifecycles and reducing waste in the sector.
Inside the product
Cycle Exchange operates a marketplace for pre-owned road, gravel and mountain bikes, plus parts and accessories. Sellers can list bikes through the platform, and the company refurbishes and certifies inventory centrally before selling it online or via partner retail outlets. The business runs a retail and refurbishment hub in Kingston, South West London, and has built a network of partner outlets around the country.
The company emphasises inspection-led refurbishment and data-driven pricing to balance trust and margins. Partnerships with brands and organisations help it source higher-end stock and build credibility with buyers; the business cites relationships with names such as Pinarello, Brompton and British Cycling. Cycle Exchange also offers part-exchange options to ease upgrades for existing riders.
Who are the investors?
Beringea, the transatlantic venture capital investor, has provided a £2.4 million investment in Cycle Exchange. The funding is earmarked for widening the company’s UK footprint, increasing capacity at its refurbishment hub, and improving its technology platform to streamline procurement and pricing.
Beringea is known for backing resale and circular commerce businesses, with prior investments including MPB, a global resale platform for photography equipment, and Watchfinder, a pre-owned watch marketplace that was acquired by Richemont in 2018. The firm framed the deal as aligned with its focus on capital-efficient growth companies and circular models.
Kiu Kim, Investment Director at Beringea, said:
Cycle Exchange has quickly risen to be the UK’s leading resale platform for high-end bikes, driven by an uncompromising approach to ensuring bikes are refurbished to like new condition. This is reflected in their exceptional customer reviews and their partnerships with iconic brands such as Pinarello, Brompton, and British Cycling.
The business is addressing a clear shift in how consumers purchase premium bikes, and its model combines strong unit economics, sustainability, and a far more attractive value proposition for the customer. We look forward to working with Matt and the team to scale Cycle Exchange across the UK and beyond, in line with Beringea’s focus on backing capital-efficient growth companies.
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Founder perspective
Founder and chief executive Matt Connelley started the company after leaving a career in the City and seeking a more reliable route to buy and sell premium bikes. He built a platform intended to deliver consistent refurbishment standards and clearer pricing for buyers.
Matt Connelley, founder and CEO of Cycle Exchange, commented:
We have spent years building the expertise, systems, and processes required to operate a high-quality pre-owned platform. This investment from Beringea will enable us to take the next step – expanding our operations, improving our customer experience, and strengthening our technology. We look forward to working with Kiu and the team to scale Cycle Exchange and further develop our trusted position within the cycling community.
The bigger picture
Cycle Exchange’s raise sits at the intersection of two trends: growing consumer acceptance of durable secondhand goods, and investor interest in businesses that combine ecommerce with physical refurbishment and logistics. Across the UK and Europe, resale marketplaces in categories from cameras to watches have attracted capital as investors seek businesses that can standardise quality and trust at scale.
For the cycling sector specifically, better resale infrastructure could shift purchasing patterns for high-end equipment and influence how brands think about warranties, upgrade paths and supply chains. If Cycle Exchange can standardise refurbishment processes and apply data-driven pricing effectively, it could serve as a model for circular commerce in other verticals.
This deal adds to a broader narrative of UK startups building more sustainable, asset-efficient ecommerce models and highlights how venture capital is following consumer shifts toward secondhand marketplaces.
They've invested in Cycle Exchange
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