Text | Yao Lan
36 Krypton exclusively learned that the electric bicycle (E-bike) brand TENWAYS has recently completed a round A financing of RMB 300 million, of which the A2 round was led by the world-renowned consumer investment company L Catterton (Luwei Kaiteng), Gaohu Capital Served as the exclusive financial advisor for this round of financing. According to the official statement, the funds raised in this round will be mainly used for product research and development, marketing promotion, supply chain expansion and team building. The previous A1 round was invested by Huaying Capital and other institutions. At the end of 2021, TENWAYS received the Pre-A round of financing exclusively invested by Hillhouse Ventures (GL Ventures).
TENWAYS was established in May 2021. Starting from technological innovation, it is committed to developing and producing high-quality E-bikes, hoping to make cycling a pleasant and sustainable way of life.
Electric bicycle (E-bike) brand TENWAYS
Compared with the traditional two-wheel travel mode, the E-bike with electric assist not only retains the sports fun of traditional riding, but also realizes the mixed output of manpower and electric power. It has the dual attributes of commuting and sports, and satisfies the new generation of users The demands for safe, efficient, relaxed and pleasant riding.
According to the official introduction, TENWAYS’s brand, design and sales channel centers are located in the European headquarters, while the R&D, operation and supply chain centers are located in Asia, which enables it not only to design and develop intelligent products with both functions and appearance, but also Improved cost control capabilities.
As 36 Krypton’s previous article said, E-bike, electric skateboards and electric motorcycles together constitute the short-distance electric travel industry. Among them, for E-bike, in terms of the ability to control the supply chain, it is not about holding resources, but about It is possible to call resources. In other words, when the abundance of resources is high enough, the competition point moves up to efficiency, and the ability to be equipped with all-round layout to meet production needs at any time is more needed, and TENWAYS has shown sufficient competitive advantages in this regard.
Make cycling an enjoyable and sustainable way of life
Market research firm Allied Market Research predicts that the global E-bike market will reach US$118.6 billion by 2030. Judging from the market situation, E-bike sales are mainly concentrated in developed countries in Europe and America. Among them, Europe has a long tradition and culture of cycling, and has a mature bicycle highway network. E-bike has a wide range of usage scenarios as a commuter tool here, so it has become the first stop for TENWAYS to build brand influence.
This round of investors told 36 Krypton that the European E-bike market will sell more than 5 million units in 2021 alone. According to the forecasts of CONEBI, WEF and CIE, the penetration rate of the European E-bike market will reach 50% in 2025, and the sales volume is expected to exceed 10 million. With the improvement of people’s health awareness, superimposed factors such as soaring oil prices and favorable policies in various regions, the E-bike market will usher in a further explosion.
The growing blue ocean market means entrepreneurial opportunities. A business entrepreneur once told 36 Krypton that in the past year or so, there were about 30 to 40 new Chinese brands that wanted to develop E-bikes in the European and American markets. At this moment when the industry structure is not yet clear, entrepreneurs have more trial and error costs and need to run faster.
With perfect labels such as “carbon neutrality + short-distance travel + consumer technology + smart hardware + going to sea”, E-bike is obviously an investment hotspot that cannot be ignored.
As a consumer electronics product, once the E-bike is launched, it has already entered the balance of products, channels, operations, after-sales and other aspects, which is a test of comprehensive organizational capabilities. According to 36 Krypton’s understanding, the TENWAYS team has been in the bicycle industry for many years, and started to explore the E-bike field earlier—not only has its own technical advantages accumulated, but also localized penetration in terms of brand and channels.
Investor’s point of view
Chen Yue, managing partner of Roadway Kaiteng Asia, said: “TENWAYS not only creates E-bike products with the ultimate experience based on consumer needs, but also has the industry’s top supply chain resources and brand building capabilities, and at the same time meets the global low-carbon travel requirements. Trend, established a strong brand with a green concept. We are very much looking forward to the future cooperation with the TENWAYS team, and will help the brand achieve global business growth in all aspects.”
media reports
36Kr invested in China Net Entrepreneurship
related events
- E-bike track is hot, TENWAYS received RMB 300 million in Series A financing2023-01-09
- Hong Kong shared bicycle Gobee bike withdraws from the French market due to theft and serious damage2018-02-26
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