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About BikeFinder

BikeFinder (“BF”) is a subscription-based, patented bicycle anti-theft tracking solution, with superb associated insurance coverage benefits.

The Company was founded in 2015 by former pro cyclist, Ole Martin Ølmheim, and is based in Stavanger, Norway.

BF secured agreements with retailers and insurance companies before launch of a mass production-ready solution in 2019.

The technology fits all bikes, and is secured with a patented expansion lock, inside the bike handlebar.

More than 90% of all stolen bikes having BF installed, were returned last year, and the Company is now preparing for an international expansion.

The Company will raise NOK 15 million over two rounds to fuel the growth.

Market and customers

Strong current presence in Scandinavian sporting goods retail chains, such as XXL, Sport 1, G-Sport and Anton Sport.

Growing sales through own company website, now 20% of total sales.

2020 international expansion initiatives showed promising results before Covid-19 situation shut down all travel activities.

Huge addressable market in Scandinavia, Europe and the US, with bike theft being a material issue across the board.

Expensive e-bike sales growing rapidly in all markets, strengthening the BF case, as these bikes are expensive and subject to theft.

A significant upside exist in utilizing the technology in other markets like containers, cars, boats, and other movable items subject to theft.

Key figures

BF currently insures bikes for total value of 147 mill NOK.

BikeFinder offers a robust revenue model, with both hardware and subscription-based sales.

Total gross margin of 45-49% at scale from 2021.

The model is scalable internationally and cost efficient in terms of new market introductions.

Stepwise growth strategy, prioritizing Europe in 2021, North America and Australia/New Zealand in 2022.

Break-even expected in 2021.

Company history

The BikeFinder Kit

BikeFinder is an anti-theft device with GPS/GSM and Bluetooth tracking that is locked – and hidden – inside the bike’s handlebar.

The solution fits all handlebars with an inner diameter of 15-27 mm, which makes up about 96% of all regular handlebars.

The expansion mechanism secures the device and makes it almost impossible to remove without a special tool. Tool design is changed for each batch produced.

Up to 8 weeks battery life and is operated through a smartphone app. The device is charged via a power bank and USB-C cable, and the user is notified when the battery goes below 40%.

Weight: 52 g

The weight increase will not be noticed

Easy installation

Insert the tracker, tighten 2 screws and put on the end-cap

Coverage across Europe

With built-in eSIM and GPS antenna, bike contact is secured throughout Europe

Water repellent

Safely used in rainy conditions (IP-67 certification)

User experience

The tracker is activated and operated through the BikeFinder app.

The app allows for multiple trackers, and the tracking system offers coverage across Europe.

In the BikeFinder app the user can see their bike’s location, previous locations, report theft, see battery level, and get push notifications if someone moves it.

If the bike is stolen, the theft can be reported through the app. The user will then be contacted by BikeFinder to initiate the process of locating the bike.

With an integrated Bluetooth system, the app will give a very accurate close-range location of the bike, when the bike is stolen or lost.

If the bike is not found after a tracker search, the bike will be replaced by the insurance policy associated with the BikeFinder product.

The BikeFinder Platform

All trackers send location and sensor data to the BikeFinder cloud platform.

Current solution combines the uses GPS, GSM and Bluetooth to optimize positioning. The next generation tracker launched in 2021 will add NB IoT, CAT-M1 and WiFi technology.

Algorithms are used to determine location and movement categorization.

BikeFinder runs on Google cloud platform and uses Firebase and DigitalOcean solutions.

The BikeFinder platform is versatile and built with future products in mind.

The Norwegian bicycle market

Average insurance indemnity is NOK 8 000

Indemnity payments from insurance companies add up to NOK 100 million per year

The numbers are grossly underreported, and are much higher in reality

According to Falck, the return rate of stolen bikes in Norway is 3%. In April, 90% of all bikes stolen with a BikeFinder tracker, were recovered

This year, the sporting goods industry in Norway is worried that they will not be able to meet customer demand for bikes, reporting a 30-100% growth year-on-year

Especially the sale of e-bikes is booming, and there is a strong trend towards using the bike to work instead of the car and public transportation

The sales of electric bikes has grown with a compounded annual growth rate of 35% since 2014

Annual Norwegian bike sales

Annual Norwegian bike thefts

The global bicycle market

The global bicycle market is expected to reach $59.9 billion by 2021, according to a recent Lucintel report. The annual growth rate is estimated to +/- 5% by several analysts.

130 million electric bikes are expected to be sold globally between 2020-2023, according to Deloitte.

Bike ownership is the highest per household in Northern Europe as well as in Japan, but several countries are experiencing strong growth.

Approximately 20 million bikes are sold annually in the EU (Source: Statista)

The majority in the growth comes from electric bikes. For instance nearly 50% of all bikes sold in Belgium are electric of an annual bike sale of around 500 000 bikes.

In the Netherlands, just over one million new bicycles were sold in 2018. The total sales value of new bicycles that were sold amounted to approximately 1.22 billion euros. 40% of bikes sold are electric.

In Italy, more than one and a half million bikes as sold annually (12% electric), more than 4 million in Germany (more than 25% electric), and around 3 million in France.

The U.S. market is estimated to be sized around 6 billion U.S. dollars (Source: Statista)

Between 15 and 20 million bicycles are sold in the U.S. annually. Mountain bikes were the most popular category as of 2019, but e-bikes are growing the fastest.

In the US and Canada, only about 1 percent of the workforce commutes by bike today. According to Deloitte this will change dramatically with the adoption of e-bikes.

During the coronavirus lockdown, the sale of e-bikes has skyrocketed, with online retailers reporting 40-150% sales growth over last year.

The U.S. market is estimated to be sized around 6 billion U.S. dollars (Source: Statista)

Between 15 and 20 million bicycles are sold in the U.S. annually. Mountain bikes were the most popular category as of 2019, but e-bikes are growing the fastest.

In the US and Canada, only about 1 percent of the workforce commutes by bike today. According to Deloitte this will change dramatically with the adoption of e-bikes.

During the coronavirus lockdown, the sale of e-bikes has skyrocketed, with online retailers reporting 40-150% sales growth over last year.

Bike theft is a major global problem

30-40 000 bikes are reported stolen in Belgium each year, with the real number expected to be much higher.

In France as much as 403 000 bike thefts were reported in 2017 – almost 15% of the annual bike sale.

A project tracking bicycle theft in the USA by 529 Garage has concluded that over 2 million are stolen annually in America.

Business Model

BikeFinder needs a subscription to be activated, and the product is bundled with insurance.

Subscription is activated through the BikeFinder app and the monthly fee is based on the bike’s value.

The subscription includes operator costs (sim card) and
insurance for all Scandinavian residents in partnership with Gjensidige and Tryg.

The product is offered both preinstalled in bikes (OEM), and as a shelf product in sporting goods stores and online.

The average revenue to BikeFinder from each piece of tracker hardware is NOK 650, with an associated production cost of NOK 400.

Multiple manufacturers can be used for the same service, hence no production bottlenecks, no supplier dependency, and limited risk for technology theft and copying by spreading the components on several suppliers.

Lasting high-margin subscription revenue will drive company value

Growth plan next 3 years

Sales status 2020

7 630 BF trackers delivered in total, 3920 YTD by end of September. 80% sales B2B, 20% B2C. More than 4 000 have already actived subscriptions, and an average hardware sales price of €61.

Currently 1 800 trackers in stock at the end of September. 500 trackers ready for shipping in China. Ordered key parts for another 5 000 units.

XXL, Sport1, Intersport, Anton Sport, Olympia Sport, Birk Sport, Spinn Sykkelshop, Bikeshop.no, Elkjøp and Rawbike are some of our 200 retailers in Scandinavia in total.

16 active retailers in Denmark after two trips over the summer. Showcasing at CycleServiceNordic expo in Denmark with 100 potential retailers in September 2020.

B2C: Increasing sales through social media campaigns.

First OEM agreement signed, several in progress.

2020 sales target

This year the adjusted goal is to deliver 5 000 trackers in Norway, Denmark, Sweden and Finland - countries where insurance coverage is secured.

2021 sales target

2021 sales target includes a sale of 6000 trackers in Norway, 4 000 trackers in Denmark, 2 000 trackers in Sweden and1 500 trackers in Finland.

New market insurance coverage will be tied to sales in Belgium and the Netherlands, with a combined sale of 3 500 trackers in Europe, except Scandinavia.

US market introduction towards the end of2021, focusing on both sporting goods chain partnerships and B2C throughAmazon. Target of 1 000 trackers sold.

OEM agreements already in progress is included in these numbers.

2022 sales target

2022 sales target includes a sale of 8 000 trackers in Norway, 4 500 trackers in Denmark, 3 500 trackers in Sweden, 2 000 trackers in Finland, 6 000 trackers in the Netherlands, 6 000 trackers in Belgium, and 5 000 trackers in the US.

Insurance coverage will be tied to sales in Germany, France, Poland and Italy, and a total of 5 000 trackers sold in these countries.

Market introduction in Australia and New Zealand, with a target of 1 000 units sold.

First 3 000 Track Tech units sold.

Key financial numbers 2019 and forward-looking

Subscription activation and hardware vs subscription revenues

Key personnel and 3-year staffing plan

Birgitte F. Sunde (CEO)

14 years experience with commercial software. Proven track record in establishing new markets and building profitable organizations.

Ole Martin Ølmheim (Sales Manager)

Former professional cyclist and co-founder of BikeFinder. Focuses all his time on sales and leads the efforts of sales growth and internationalization.

Youhua Fu (Supply Chain Manager)

Responsible for supply chain, and driver behind strategy of several suppliers for each key system component. M.Sc Industrial Engineering.

Andreas Hanekamhaug (Key Account Manager)

Experienced KAM that joined BikeFinder in 2020, primary focus on Scandinavia.

Jan Erik Sola Foss (SystemDeveloper)

Involved in BF since inception in 2015. Full stack developer responsible for front and back end.

Marouane Ben Amor (CTO)

Consulting BikeFinder since first production. Broad experience from SW and HW product development. Master degree from Ecole Centrale Paris.

Viggo Henriksen (System Developer)

Responsible for electronics. Second BikeFinder employee, securing continuity in electronics design development.

Leif André Skare (Chairman)

MSc Mechanical Engineering. 15 years ofprivate equity experience

Pippa Boothman (Board member)

VP Marketing & Communications, Disruptive Technologies

Asbjørn Vagle (Board member)

MBA Universität Mannheim. Experience fromSkagen Fondene

Shareholder overview

Co-founder Ole Martin Ølmheim owns Nitram Elo.

Co-founders Leif André Skare (Peritus Advisors) and Asbjørn Vagle (Asesor) are board members of BikeFinder.

Strawberry Equities is owned by Petter Stordalen.

Also pro cyclist, Alexander Kristoff is a shareholder in BikeFinder.

All fulltime employees at BikeFinder are shareholders. Founders and employees hold 45% of the shares.

Technology development

Track Tech technology development:

Some of the BikeFinder research & development takes place in 100%-owned subsidiary, Track Tech, and in 2019 TrackTech received NOK 400 000 in soft funding from Innovation Norway.

During the development of BikeFinder’s electronics, the core technology was developed so it could easily be utilized in other products.

The first non-bike related project is together with Scandinavia's biggest Container shipping company, Norsea.

BikeFinder see great opportunities in developing additional products using, and further developing, the generic electronics solution of the BikeFinder in other markets and applications. Any moving asset or vehicle can be tracked by the technology with some customization (cars, boats, containers, vans/trucks, trailers, buses, etc). 

Implications for the next generation bike tracker:

The next generation BikeFinder is already being developed and is expected to be ready for market launch in 2021. It will have new to market location triangulation and improved theft prevention.

Current 2G communication will be replaced by Narrowband IoT (NB IoT), a Low Power Wide Area Network (LPWAN) radio technology standard to enable a wide range of cellular devices and services. In addition, Wi-Fi will be added to the solution.

The BikeFinder Generation II will fit even more bikes with its compact design and will have a flexible battery solution with a base capacity 2x that of the current version. It will also have the option of a power adapter for connection to e-bike batteries on OEM solutions.

TrackTech core areas:

Product Development Process

Electronic Product Architecture

Industrial Design & Mechanical Design

Embedded Electronic Design and Firmware Design

Electronics Prototyping

Injection Mold Design & Manufacturing

Patent overview

Tracking unit for a bicycle ("BikeFinder antenne girskifter)

Tracking unit for a human-Powered vehicle, the human-Powered vehicle comprising a frame and an electric gear shifter, the tracking unit comprising a tracker, such as a GPS and/or GSM unit, and an antenna for allowing the tracker to communicate, where in said tracker is adapted to be placed inside the frame of a human-powered vehicle, and where in said tracking unit includes a wire adapted to extend from the tracker, through a hole in the frame, to the antenna adapted to be mounted on the exterior of or at least partially integrated in the electric gear shifter.

Norwegian and United States patent granted, Europe pending

Battery for an electric gearshifter as a power source for a tracking unit for a human-powered bicycle ("BikeFinder girskifterbatteri")

Tracking unit for a human-powered vehicle, comprising a frame, the human-powered vehicle further comprising an electric gear shifter and a battery for the electric gear shifter, the tracking unit comprising a tracker, such as a GPS and/or GSM unit and an antenna for allowing the tracker to communicate, wherein the tracking unit is configured for receiving power from the battery for the electric gear shifter.

Norwegian patent granted

Expansion system

The expansion lock system allows end customer to quickly and easily install and remove the tracker in the handlebar (or in any hollow pipes). The expansion lock system provides very secure installation of the tracker which makes it almost impossible to be removed without the correct tool. A device for fixing equipment to an end of the inner surface of a tube.

Norwegian and PCT patent pending

Bicycle frame comprising an antenna and a method of equipping a bicycle frame made from carbon with an antenna ("innvevd antenne")

Bicycle frame comprising an antenna, where in the bicycle frame is formed with the antenna as an integral part of the frame structure, and wherein the antenna constitutes a part of the bicycle’s exterior. Method for equipping a bicycle frame of carbon by an antenna, wherein the antenna are interwoven with the bicycle carbon structure as part of the production of the bicycle frame.

Norwegian patent granted, Europe and United States pending

Tracking unit for a human-powered vehicle (“BikeFinder antenne på ramme”)

Tracking unit for a human-Powered vehicle comprising a frame, the tracking unit comprising a tracker, such as a GPS and/or GSM unit, and an antenna for allowing the tracker to communicate, wherein said tracker is adapted to be placed inside the frame of a human-powered vehicle and said tracking unit includes a wire adapted to extend from the tracker, through a hole below the crank in the frame, to the antenna adapted to be mounted externally on said frame at or near said hole.

Norwegian patent granted, Europe and United States pending

Capital raise plan

Product development in 2015-2018 and proof of concept in 2019-2020 has been funded by BikeFinder early investors, who represent some of the finest investors Norway has to offer.

With a solid proof of concept and climbing subscription numbers, BikeFinder is looking to fund a global go-to market plan through its own share offering campaign.

We believe that the timing for pursuing an aggressive growth strategy has never been better for BikeFinder, being a tech-enabled software company with a proven solution to a growing and global social and economical problem.

BikeFinder soft funding and loans

Skattefunn approved for next year for TrackTech and for the 3 years for BikeFinder

Total shareholder loans amount to NOK 1,7mill @ 7% annual interest

BikeFinder funding history and terms of the offering

Total raise of NOK 15 mill planned by end of 2021

All new money will be in the same share class as existing shareholders

Placement 7,8,10,14 are connected to employee stock options

Placement 9 was an allocation of shares to the founder

Documents