Verlinvest, the global investment firm known for backing category-defining consumer brands has invested in Pedego, which sells its innovative e-bikes through its network of 200 locally-owned Pedego dealers throughout the US and Canada. With the largest retail footprint of branded stores, Pedego is a leader in the rapidly growing electric bikes (e-bikes) category in North America. With this announcement, Pedego now joins an impressive list of recognized and impactful companies in Verlinvest’s portfolio, alongside Oatly, Vita Coco, Who Gives a Crap, and Tony’s Chocolonely.
Pedego’s mission is to provide customers with a premium product and service experience that encourages both exercise and enjoyment, while fostering a sense of community. Verlinvest’s involvement will support Pedego’s branding and innovation efforts, increase the number of stores run through its brand-exclusive dealership model, and boost inventory to satisfy surging consumer demand.
“We are seeing a massive shift in consumer attitudes around the adoption of e-bikes in the US, particularly as people grapple with how to change their lifestyles in response to the COVID-19 pandemic, and as they look to reduce their carbon footprint to slow climate change,” said Clement Pointillart, Executive Director of Verlinvest. “Equipped with the scale and experience in the sector, Pedego is well positioned to meet demand for behavior-conscious buyers, especially with continued government support through initiatives like bike lanes and the latest US infrastructure bill.”
The sector has grown dramatically, with e-bikes being the fastest growing electric mobility product in the US. Founded in 2008, Pedego is one of the longest-established e-bike players in the US market, providing the brand with a strong foundation to innovate further and fine-tune its business model for the evolving consumer.
“We have been fortunate to see Pedego experience higher demand than ever before,” said Don DiCostanzo, CEO of Pedego. “We believe this is due to our extensive product offering combined with our network of locally-owned Pedego dealers, who pour their hearts into delivering a best-in-class experience to their customers. With Verlinvest’s extensive track record in scaling iconic consumer brands, we believe that we have found a unique partner that can help us even further accelerate our growth and increase our market share.”
The growth potential of e-bikes in the US market is strong, with market penetration in very early stages, particularly when compared to European markets. As such, there are exciting prospects for the US market, with an anticipated adoption trajectory matching what Verlinvest observed firsthand in Europe.
“It’s highly unusual to find a company that offers industry-leading innovation and a complete customer experience.” said Max Levine, Principal of Verlinvest. “Pedego delivers on both of these promises, and more. As a group that prides itself on helping brands unlock their potential, we are thrilled to be partnering with Pedego as they embark on their next phase of growth.”