British start-up Skarper, backed by six-time Olympic cycling champion Sir Chris Hoy, has attracted £4.5 million in new investment, bringing total funding to £12.8M.

The latest round has been led by investment portfolio firm Adjuvo, generating the new raise from its comprehensive member network and angel investors. They are joined by existing Skarper investors who followed on with further funding, including Resilion Chairman Yaron Kottler, global consumer product manufacturer Starry Group and mobility technology investor Mobilitech Capital.

Skarper is an ultralight and portable drive system that connects to a regular bicycle via the disc brake rotor transforming it into a high performance, lightweight e-bike in seconds. The device can also disconnect in the same amount of time to turn it back to a regular bike, providing unique flexibility to consumers.

This first-of-its-kind, patent-protected disk-brake drive system was invented by Skarper’s co-founder Dr. Alastair Darwood and developed by the company’s team of engineers together with F1 team Oracle Red Bull Racing’s Advanced Technologies division.

The all-in-one drive unit, which measures just 34cm by 16cm, contains a 250-watt rated motor and a 240Wh battery pack giving a range of up to 50km. By attaching seamlessly to the proprietary rear disk there is no loss of performance when compared to integrated e-bikes.

This latest investment will support the company’s go-to-market plan as it prepares to deliver first products in Q4 this year. Initially this will be in the UK with plans to expand Europe-wide in 2025.

Adjuvo CEO Mark Foster-Brown said: “Skarper is set to establish itself as a major player and novel part of the fast growing e-bike market with a unique device that could revolutionise the sector. Cycling is a $100 billion industry and is only forecast to grow as new assistance technology is developed to enable more people to use it both as a form of transport and recreation. Everything we have seen suggests Skarper will therefore generate enormous customer demand globally.”

Ean Brown, Co-founder, and Chief Executive Officer at Skarper, commented: “This is a major milestone for Skarper. Raising almost £13 million to-date is testament to the product and brand that we have created. Such significant capital allows us to satisfy the customer demand for Skarper, achieve our growth targets and make a positive impact in the cycling industry.”