Body Rocket, the Brighton, UK-based sports tech start-up, has successfully raised over £255,000 (US$313,000) in its first investment round, on the crowdfunding platform Crowdcube.
The company has developed what is billed as ‘a revolutionary world-first device that measures aerodynamic cycling performance with live, on-the-bike feedback.’
Body Rocket set out looking to raise a minimum of £80,000 but surpassed this figure in just 24-hours on Crowdcube following input from private investors. The listing went from strength-to-strength, overfunding and setting new targets throughout its campaign.
The team is raising capital to take its current prototype Direct Force Drag Measurement device to minimum viable product (MVP) status. The device gives real-time, on-bike feedback to the rider.
The latest funding round will enable testing with leading professional cyclists and triathletes… ‘with whom there has been a lot of early interest, with several testing days already lined up for once lockdown restrictions are lifted.’
As well as attracting hundreds of investors, Body Rocket also made several other developments along the way. The first of these was partnering with premium multi-day cycling holiday and event agency HotChillee to provide top investors with a bespoke aero-training weekend in Girona together with the Body Rocket team.
Multiple national time trial champion, former Commonwealth Games athlete and aerodynamics expert Michael Hutchinson also joined the company’s board of advisors; and ‘there was interest from individual Olympic athletes and WorldTour professionals too.’
Eric DeGolier, Body Rocket CEO and Co-Founder, said “We’re blown away by the support we’ve had during this campaign. It’s gone beyond just raising funds and has introduced us to people with expertise in all aspects of the business that are excited and want to help us make a great product.
“The enthusiasm and engagement we’ve had from riders and triathletes of all levels speaks for itself in what Body Rocket can do and how it will change the industry. To confirm that belief from the wider community really gives us the drive to keep forging ahead and developing our MVP and final devices.”
The capital raised will not only help develop the next stages of Body Rocket’s product, but it will also enable the company to deliver testing for a range of WorldTour cycling teams, professional triathletes and Olympic track cyclists planned for later this year. As well as this, the team will be able to build and deliver on its marketing strategy to help take the product to market.
Body Rocket eventually reached 320% of its initial funding target through over 370 individual investors. The final figure raised by the end of the Crowdcube campaign was £255,424.