Nectar Capital announces the closing of a growth capital round for Boom Cycle, London’s leading indoor cycling studio operator.
The first two of the new units will open in June, when Boom Cycle will introduce a new flagship location within the iconic Battersea Power Station Development and the second in the heart of Hammersmith with a prime location directly on the high street. The company’s existing locations in Shoreditch and Holborn continue to thrive.
The financing round was led by Prism Finance of London, with participation by existing investors Pembroke VCT and others. Nectar Capital served as financial advisor to Boom Cycle.
Robert Rowland, Co-Founder of Boom Cycle said “After a stellar past two years where we’ve seen tremendous growth and really perfected the Boom Cycle product offering, we’re really excited to be embarking on our most ambitious growth stage yet. Once again Nectar Capital has pulled together a fantastic deal with some top level investors to help us realise Boom Cycle’s mission of making fitness fun. These next two sites in Battersea Power Station and Hammersmith are ideal locations which will really help propel Boom cycle to the next level”
Andrew Wolfson, Managing Director of Pembroke VCT said “Boom Cycle has established a leading position for itself in its sector of the pay-as-you-go exercise market and we are pleased to continue our support of the business, the founders and the management team. We look forward to working with them in the next phase of their growth.”
Scott Rudmann, Managing Partner of Nectar Capital said “Boom Cycle has the most exciting and engaging indoor cycling offering in London, with packed classes, the best instructors, a proprietary class experience, loyal and engaged customers, a profitable business model, and triple-digit growth. We are delighted to be both investors in and advisors to the company, and look forward to its continued growth into a major iconic fitness and lifestyle brand in the UK and abroad.