Korea South
LYCLE is a South Korean retail startup founded in 2018 with the slogan "Closer Bicycle Shopping, LYCLE." The company aims to make leisure activities, particularly cycling, more accessible and enjoyable by addressing the challenges people face when starting recreational activities. LYCLE focuses on simplifying the purchase process and enhancing the overall leisure experience. One of their primary objectives is to alleviate the barriers associated with purchasing bicycles, offering solutions such as rental and installment payment options to reduce the initial cost burden.
LYCLE provides specialized search functionality for bicycle products, advanced filtering options, and price comparisons to help users find the most suitable products tailored to their needs. By prioritizing user convenience and experience, the company has successfully amassed around 160,000 monthly active users (MAU).
The startup has demonstrated robust growth, boasting an impressive average annual revenue growth rate of 250%. Moreover, LYCLE has garnered substantial support from investors, having secured a cumulative Series A funding of approximately KRW 40 billion in its latest investment round on 27 October 2022. The financing was led by Strong Ventures, Laguna Investment, and the Korea Credit Guarantee Fund.
The company's performance has garnered notable attention in the media, with publications highlighting LYCLE's achievements and successful navigation through challenging market conditions. With its innovative approach and significant market traction, LYCLE presents an intriguing investment opportunity in the rapidly evolving retail industry.
