Tuvalum, Europe's leading online platform for buying and selling second-hand bicycles, has closed a Series A investment round of €3 million, led by Demium Capital and Athos Capital. Among the investors in the round are also renowned business angels such as Joshua Novick, Mihalovits and Daruan Venture Capital, the investment vehicle of entrepreneur David Ruiz d'Andrés. This entry of private capital is complemented by other lines of financing and equity loans from the Institut Valencià de Finances, Enisa and Banc Sabadell.
The new financing, which amounts to a capital of 3 million euros, coincides with an evolution in its business model. Tuvalum has successfully launched a line of recommerce, complementary to the current marketplace focused on professionals, with the aim of accelerating the purchase of bicycles and their reconditioning for sale. In addition to these services for the purchase and reconditioning of bicycles, there is also a bicycle taxation service, completely online and free of charge. This prevents the sale of stolen and counterfeit bicycles.
Full story in El Referente.