Skarper: Sir Chris Hoy-backed start-up surges in value
A start-up backed by Sir Chris Hoy surged in value by almost £2m ahead of securing a major funding boost, it has been revealed.
Mobility technology company Skarper was founded in 2020 by Alastair Darwood and collaborates with Formula One team Oracle Red Bull Racing.
The business patented a lightweight, portable drive system which connects to regular bicycles’ disc brake rotors which changes them into electric bikes.
In September 2024, it was reported that Skarper had secured £4.5m in additional funding from a syndicate of investors led by Adjuvo – a network of angel investors.
Existing investors such as global consumer products manufacturer Starry Group, mobility technology investor Mobilitech Capital, and Yaron Kottler, chairman of engineering and cybersecurity services group Resilion, also took part in the funding round.
The £4.5m boost last year brought the total raised by Skarper to £12.8m since it was founded.
Now, new accounts filed with Companies House have revealed Skarper’s net assets increased from £3.48m to £5.41m in the year to 31 July, 2024.
The firm is not required to submit its full accounts to Companies House.
On why he backed Skarper, Sir Chris Hoy said: “I’ve always been an advocate of getting more people on bikes, regardless of their fitness, ability, or age, and I’ve discovered that ebikes can play a huge role in making cycling more accessible to anyone.
“It opens opportunities – whether it’s making a commute possible which would otherwise have been too difficult, keeping pace with a fitter friend for a challenging bike ride, returning to riding after an injury or illness, or just going further on your rides and seeing more for the same effort.
“Ebikes offer something for us all; I even take my kids to and from school on an ecargo bike which they absolutely love.”