Ukrainian venture capital syndicate Toloka.vc has invested £510,000 in Gin, Ukrainian and Indian-founded manufacturer of e-bikes. The investment will be used to increase its production and sales volume, Gin told AIN.Capital the news.
- Gin was founded in 2022 in Reading, a suburb of London, by Ukrainian Maryna Vlasenko and Indian Rahul Pushp. Gin produces hybrid bikes for long-distance trips.
- The £510,000 investment from Toloka.vc will help to increases production and sales.
- Also, Toloka.vc is joining the startup’s board of directors. Due Diligence is conducted by Baker Tilly.
- The agreement contains a debt component, which means quarterly interest payments to investors.
Thanks to the investment, Gin is planning:
- to increase the production and sales to 200 units per month by the end of 2024;
- to expand into Polish and Ukrainian markets;
- to launch a cargo bike model specifically designed for delivery drivers (Glovo, Uber Food) and equip all bikes with carbon and folding frames to increase portability.
About Toloka.vc
The investor, Ukrainian syndicate Toloka.vc was founded by Oleksandr Kolb, Ihor Shoifot, and Taras Kyrychenko in May 2023. Its debut investment was approximately $1 million in US-based medical service Forta Health, which helps with the treatment of autism using AI.
