Barcelona, 19 September 2024.
Seaya Andromeda, a €300M Pan-European Climate Tech growth capital fund, has acquired a majority stake in Zyclora/Bike Ocasión, Spain’s leading refurbished bicycle omnichannel retailer and a major player in the European market. This acquisition aims to accelerate the company’s growth and broaden its presence in strategic European markets.
This investment aligns with Seaya Andromeda’s mission to foster growth in the circular economy and sustainable mobility sectors. Since its foundation in 2015, Zyclora has redefined the refurbished bike market by offering guaranteed quality and attracting a diverse clientele of cycling enthusiasts and professionals.
Zyclora’s business strategy is built on three core pillars: exceptional value, offering discounts of 30% to 70% compared to new bicycles; a wide variety of over 1,000 unique bicycles in stock; and guaranteed reliability with a rigorous refurbishment process carried out by a team of 25 professional mechanics. A solid warranty backs all products to reinforce the company’s commitment to quality and customer satisfaction.
These strengths have positioned Zyclora as a leading player in the sector, with over 15,000 bicycles sold and expected revenues exceeding €13 million this year. Beyond its strong foothold in Spain, under the name Bike Ocasión the company operates in key European markets, including France and Italy, with recent expansion into Germany. With Seaya’s capital infusion and its proven expertise in similar business models like Clicars, Zyclora aims to accelerate its growth into additional European markets, open new physical stores — beginning with a flagship location in Madrid in 2025 — advance its digitalisation strategy, enhance refurbishment capacity, and expand its product portfolio.
Zyclora co-CEOs Juan Carretero and Borja Mesonero-Romanos expressed their enthusiasm for the partnership: «We are delighted to embark on this new chapter with Seaya Andromeda, a partner who fully aligns with our vision of making cycling more accessible and sustainable. Their expertise in circular economy business models will be instrumental in driving our growth and scaling our operations.»
Carlos Fisch, Partner at Seaya Andromeda, commented: «At Andromeda, we are committed to supporting businesses that drive meaningful, positive change. We see a tremendous opportunity for Zyclora to drive Europe’s transition to sustainable mobility through the circular economy. This transaction represents our first majority transaction within this fund, highlighting our flexible mandate — being able to invest through majority or minority stakes, primary funding rounds, or secondaries”.
Borja Rosales, Principal at Seaya Andromeda, highlighted Zyclora’s growth trajectory: «In recent years, Zyclora has emerged as one of Europe’s leading bicycle re-commerce companies, with a strong presence in Spain, France, Germany, and Italy. We are confident that, through this partnership, we can strengthen its market leadership and elevate it to a global benchmark in the industry”.
The deal also includes the participation of Carlos Rivera, co-founder of Clicars, who will bring his expertise in scaling circular economy businesses to help establish Zyclora as a leading player in the market.
About Seaya Andromeda
Seaya Andromeda is a €300M Pan-European Climate Tech growth capital fund. Andromeda is an SFDR Article 9 fund on a mission to address global sustainability challenges and deliver returns with purpose through investments in technology-driven companies focusing on Energy, Decarbonization, Circular Economy, and Sustainable Food Value Chain. Seaya Andromeda is part of Seaya, the leading European Venture Capital platform, with offices in Madrid, London, Barcelona, and Mexico City. Seaya raised its first fund in 2013 and currently manages over €650 million across five venture and growth funds. Seaya accelerates the growth of startups by leveraging the founder’s strategic vision, providing them with Seaya’s global platform, its extensive network of founders, investors, and global corporations, as well as all its experience in the worldwide expansion of companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Clarity AI, Clicars, Descartes and RatedPower.
About Zyclora / Bike Ocasión
Zyclora / Bike Ocasión is Spain’s leading refurbished bicycle retailer. With a decade of experience, the company has facilitated the purchase of bicycles for more than 25,000 customers, ensuring quality and safety in every transaction. Under the Zyclora brand, Bike Ocasión operates in France, Italy, and Germany, bringing its successful business model to key European markets.
