L Catterton joins round for e-bike player Tenways
Tenways, an electric bicycle manufacturer headquartered in the Netherlands with a strong supply chain in Asia, has raised CNY 300m (USD 44m) in Series A funding, including an extension led by L Catterton.
GL Ventures provided the pre-Series A round at the end of 2021, while the Series A featured investors such as Meridian Capital. The new capital will go into product development, marketing, supply chain enhancement, and recruitment.
Founded in May 2021, Tenways manufactures electric bikes. The company identified Europe as a priority market early on, hoping to leverage the region's strong cycling tradition and mature cycling highway network. At the same time, e-bikes are increasingly popular among commuters amid soaring fuel prices.
Tenways has a branding, design and sales centre located in Europe while its R&D, operations, and supply chain resources are in Asia. The company claims this set-up ensures high-quality design while maintaining low operating costs.
E-bike sales in Europe reached an all-time high of 5m units in 2021. The Confederation of the European Bicycle Industry expects sales to reach 10m by 2025 with a market penetration rate of 50%.
Scott Chen, an Asia managing partner at L Catterton, said in a statement that Tenways builds e-bikes according to customer needs, highlighting the company's leading supply chain resources and branding capabilities. L Catterton will support further development, leveraging the low-carbon transport trend.
Cygnus Equity served as the exclusive financial advisor for the Series A round.
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