Australian cycling tech company, Cycliq Group has evolved from crowdfunded start-up to listed entity after completing its listing on the Australian Securities Exchange (ASX).
Cycliq – billed as ‘the world’s leading manufacturer of high-definition cycling cameras and lighting equipment’ – garnered strong interest in May after announcing a reverse takeover of Voyager Global Group (ASX:VGR). It went on to meet its AU$3.75 million capital-raising target and closed significantly oversubscribed.
Co-founded by CEO Andrew Hagen and COO Kingsley Fiegert, Cycliq rose to prominence in 2014 after harnessing Kickstarter to launch the world’s first rear-facing bicycle camera and light combination, Fly6. A second crowdfunding campaign followed a year later in support of the forward-facing, high-definition, Fly12.
Both products have proved successful, selling over 40,000 units across 25 countries in under 3 years.
Hagen said confirmation of the ASX listing was a milestone in Cycliq’s evolution as a business, and demonstrated the potential power of crowdfunding. “We are incredibly proud of Cycliq’s growth in such a short period of time and are excited by the opportunities that listing on the ASX will offer moving forward,” Hagen said.
“Crowdfunding has been a massive part of our journey to this point and shows just how influential it can be to growing a business.
“We are currently focused on expanding our distribution networks throughout Europe and Asia, while pursuing sponsorship opportunities that will allow Cycliq to establish a wider foothold in the $200 billion global sports technology market.”
In recent weeks Cycliq announced more good news for investors, with confirmation of an exclusive distribution deal with leading UK cycling distributor, Madison.
The deal, which has been taken with immediate effect, allows the company to significantly grow its presence throughout the United Kingdom and Ireland, where Madison supplies over 2,700 bikes stores. Hagen added that the agreement placed Cycliq on a trajectory for continued growth throughout the key markets of the UK and Ireland.
“I am pleased to confirm Cycliq’s exclusive distribution agreement with Madison, that in addition to now being a listed company, represents a significant step in our growth,” he noted.
“This deal provides Cycliq with access to a distributor with a proven record for growing similar brands and one with the infrastructure and capability to keep pace with Cycliq’s own growth. Madison’s vast network of bike stores across the UK and Ireland and will allow us to build upon our existing presence in these two very important markets and we look forward to working with them well into the future.”