Custom Bike Maker Spoon Group successfully closes £740k funding round

Spoon Group Ltd.—the company created when well-loved custom bike brands Spoon Customs and WyndyMilla first merged in 2019—has closed a funding round totalling £740k. This investment will enable Spoon to realise its ambitious growth plans.

After a successful private round brought in almost £300k in new investment, long-term debt partner and institutional investor FSE Group stepped in with matched funding through its Enterprise M3 initiative, bringing the total raised to £740k and valuing the bespoke bike company at £3.7million.

The new company, led by Spoon Customs Founder Andy Carr, was created when former Ovo Energy retail boss Chris Houghton identified an opportunity to rejuvenate the esteemed WyndyMilla bike company by bringing in the fresh approach of award-winning start-up, Spoon Customs.
Since the merger, the company has landed five-star reviews for their newest bike, the Spoon Vars Disc. The Vars is a completely new made-to-measure carbon road bike which offers all the performance benefits available from any of the big brands, but with the added advantages of perfect fit, fabrication, and finishing, leaving no detail overlooked.

Carefully crafted one at a time, Spoon Customs bikes are designed to meet the exact needs of individual cyclists looking for the best possible riding experience.

The bikes are designed and delivered through detailed dialogue between the Spoon brand and its customers, with numerous touchpoints along the way that ensure a more meaningful, personalised experience of buying and owning a performance bespoke bike.

With exciting products and proven expertise in steel and carbon bike design, the company will use the funding to further develop its portfolio of road and gravel bikes, as well as build on its reputation for creativity and service by growing the team and continuing to improve the overall customer experience. The company also owns and operates Gun Control Custom Paint, a leading technical and creative finishing company.
Moving forward, Spoon’s plans include developing a new performance e-bike in 2023. This will enable the company to take part in recent exponential growth in the e-bike space whilst growing their international customer base by increasing brand awareness and distribution, welcoming more people into the unique experience of designing and owning a custom bike.

Andy Carr, Chief Executive Officer of Spoon Group explains: “Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands and this new funding will help us shift more people away from mass produced equipment, in favour of a better bike made with perfect fit, fabrication and finishing, designed for individual performance needs.”
Paul Lyristis, Investment Manager, South East for The FSE Group, commented: “We were impressed by Spoon’s track record and the expertise of the senior management team and investors. The fund has supported the business since 2016, and it is encouraging to see the growth of the business with great products that are receiving increasing recognition. We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris and the team to ensure they reach their goals for growth.”

The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.