GIN E-Bikes Secures £580k Funding from Toloka.vc to Boost Production and Expansion

London-based startup GIN E-Bikes has secured £580k in funding from Ukrainian venture capital syndicate Toloka.vc. The investment marks a significant milestone for GIN, known for its cutting-edge hybrid e-bikes, co-founded in 2021 by Rahul Pushp and Marina Vlasenko. The funds will be utilized to enhance manufacturing and sales capabilities, meeting the growing demand for GIN's innovative e-bikes.

Toloka.vc, besides providing financial support, is set to join GIN E-Bikes' board of directors, offering strategic direction. The deal includes a debt component with quarterly interest payments, emphasizing the commitment to mutual success. GIN aims to increase production to 200 units monthly by the end of 2024.

With this investment, GIN plans to expand into the Polish and Ukrainian markets and introduce a specialized cargo bike model for delivery drivers targeting platforms like Glovo and Uber Food. All GIN E-Bikes will feature foldable and carbon frames, enhancing portability and offering customers diverse transportation options.

Established in May 2023, Toloka.vc focuses on promoting innovation and supporting entrepreneurs. GIN's strategic partnership with Toloka.vc aligns with its vision for growth, introducing groundbreaking e-bike technology to a wider market.