BleeperBike is seeking an investment of €175,000 for the stationless bike sharing company in its first equity crowdfunding campaign.
Initially facing a setback from Dublin City Council (DCC) who halted their launch until the relevant bylaws were drafted and approved, the company currently owns and operates a fleet of 550 bikes throughout the Dublin area.
BleeperBike, which makes a 'bleep' sound when locked and unlocked, allows users to rent out bikes which can be locked up at any public bike rack around the city.
Led by CEO Hugh Cooney, the firm has now raised almost €28,000 of the €175,000 sought on European crowdfunding platform Seedrs.
The firm is offering equity to the total of 17.9pc; a total of 17 investors have contributed thus far.
Mr Cooney said that since the firm secured our license to operate within the administrative area of DCC, "we have been busy bedding in a lean operating model for maintaining and balancing the distribution of our bikes".
"This fundraising round will allow us accelerate our rate of growth in 2019 and to begin piloting long range electric bikes with a battery capable of covering 200kms on a single charge."
Hugh intends to introduce an e-bike, with an electric motor to help boost power, to his fleet; an R&D programme that has already received €75,000 in financial backing from Richard Barrett's Bartra.
Mr Barrett was a principal of the property firm Treasury Holdings, a business Hugh worked for in China, where he first got his idea for a bike sharing company from.
After returning to Ireland, Hugh used Dublin Bikes while working at KPMG and launched BleeperBike after seeing the benefit of the stationless model.
Source: www.independent.ie
