In a competitive marketplace dominated by European electric bike brands like GoCycle and Stromer, angel investor Alicia Syrett was concerned the start-up's high price point would make mass adoption difficult.
Sevillia claimed the company's prices are in the lower to middle range of the electric bike market. "We analyzed the top 15 countries that comprise 90 percent of that market, and we looked at the average prices per unit. The fact is that the competition sells anywhere from $1,500 all the way to $7,000."
But Michael Roberts, executive editor of Outside magazine, questioned the start-ups potential for profitability in the U.S. market.
"It's true that the U.S. in particular when compared to the rest of the world has been slower to implement the road infrastructure necessary to push people to get on the street and bike," said Sevillia, but he insisted that of the nearly $750,000 in pre-sales, the majority of the start-up's bikes were purchased by U.S consumers, followed by "30 percent in Europe, 15 percent in Asia, and another 15 percent between the Middle East and South America."
Sevillia also said that increasing tolls and parking costs in the U.S., "will let the bicycle become one of the primary modes of transportation in urban areas."
New York City-based Gi FlyBike has raised $1.5 million in its seed round of funding, and will soon enter into its series A round. Key investors include Incutex and Santex.
According to the start-up, there are plans to distribute its bicycles to hotels, cruise ships, universities and gyms, in addition to a adding a bike-sharing program.
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