News and Announcements
Technical prowess in aspirational bicycling market led by new road wheel by Partington.cc
- Published February 16, 2023 7:06AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
partington.cc designs, develops, manufactures, and sells high-performance carbon fibre wheels for the luxury and professional cycling markets. partington.cc wheels reflect cutting-edge engineering and advanced manufacturing for carbon fibre technology. partington.cc is located in Geelong, Australia, amongst other leading Australian carbon fibre companies.
The global luxury bicycle market is projected to grow at a CAGR of 5-7%, with 210M cyclists in the highly engaged and engaged sector making up partington.cc’s target market.
Partington.cc is raising $3M in preference shares and has raised $2M from existing and new investors. Australian Good Design Awards has awarded partington.cc with Australian Good Design Awards in both Engineering Design and Sport and Lifestyle categories. Its product performance advisor is Australia’s only Tour de France winner Cadel Evans.
- Recognised with Australian Good Design Awards in both Engineering Design and Sport and Lifestyle categories
- Raised $2M
- Tested by Australia’s only Tour de France winner Cadel Evans, partington.cc’s product performance advisor
- Generated presale commitments of more than 360 wheelsets worth $1.8M in revenue
The second-generation product MKII is now in production and shipping to customers. The MKII wheel is the highest-performance wheel in its class regarding physical performance and ride feel.
The funding will enable Partington to support the manufacture scale-up and commence an intensive marketing program to build top-of-funnel awareness and sales. The following are the value accretive milestones:
- Recruit additional staff to support sales, marketing, and production
- Factory to produce MKII wheel at a rate of 1,000 per year by December 23
- Build brand awareness, and brand recognition and drive sales
- Achieve 1,000 orders by June 2023