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Business Services
UK - London
Date Rated:
Valuation (Pre Money):
Industry: Business Services
Location: UK - London
Platform: Crowdcube
£250,000 Seed
Valuation: £1,470,588
Date Rated: 21/09/17



Tax Status: SEIS

Business Summary

VONCRANK is an on-demand mobile bike service app enabling cyclists to book a service or repair at home, work, or roadside straight from their smartphone. VONCRANK's App is free for cyclists and mechanics and earns 20% commission on all parts and labour jobs. VONCRANK has already signed up 120 mechanics and over 1.3k users have been registered. This round of investment will be used to strengthen the tech & marketing team and to support growth.

Financial Overview




There is insufficient information available to provide a financial overview



The team has demonstrated competence to date in building the App and securing partnerships, however further marketing expertise seems required to help achieve the intended coverage.
Although the management team has limited commercial experience, they have relevant start-up knowledge and the Founder has been in the mobile bike repair industry for the past 8 years.
Although the Founder seems fully committed, he has invested limited time and cash into the business to date and his salary may be enough to offset any failure risk.
The maintenance market for bikes in the UK is worth about £0.7bn, but VONCRANK's ambition to achieve 70% market share in London seems unrealisable due to low barriers to entry.
Although there are already bookings flowing through the website and the company has many users registered, there are not many supportive testimonials and the App has suffered delays.
Competitive analysis has not been provided in the pitch, however the company intends to compete by providing a more accessible service while maintaining competitive prices.
There is insufficient information available to fairly rate this aspect of the business


The team aims to provide a solution that benefit both cyclists and mechanics and the App could provide great value making the company easily scalable. That said the existing maintenance providers in the market could however start delivering this service relatively quickly as there are no apparent barriers to entry. The business has already achieved relevant traction with 120 mechanics but the ambition to achieve 70% of the London market seems unrealistic, although additional growth could come from expanding into Europe, given the reported level of interest from mechanics in Denmark.

Without any financials is difficult to foresee what investors could expect but given the level of investment to date and the current market traction, the valuation seems high.

Note: We have not received a business plan from VONCRANK and therefore this rating is based on the information available within the Crowdcube pitch.

Related Links

Crowdcube Pitch


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