The cycling accessories manufacturing industry in Benelux thrives on innovation and sustainability, focusing on biking gear, components, and smart technologies. Companies range from established firms creating high-performance items to startups pushing boundaries with eco-friendly solutions. With the rise of e-bikes, there’s an increasing demand for advanced accessories, including smart locks and lighting systems. This growth aligns with a societal shift towards sustainable transportation, further promoting cycling as an attractive choice. Benelux stands as a hub for promising growth, bolstered by investments aimed at technology enhancements and responsive design in accessories that cater to cyclists' evolving needs.


In 2024, diverse investors made significant moves in the cycling accessories space across Benelux. The list consists of corporations, venture capitalists, and private equity firms, showcasing their different strategies for investment. Notably, this roster includes prominent players like Pon, a corporate giant from Amsterdam, and several venture firms such as LRM and Gimv. These diverse entities vary in size and age, with some like Exor N.V. fueling rapid growth through bold investments, reflecting a lively atmosphere of competition and cooperation in financing cycling innovations.


Top 10 Cycling Accessories Manufacturing Investors in Benelux


1. Pon

  • Website: pon.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1867
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: pon

Pon Holdings BV is a family-owned multinational company based in Amsterdam, Netherlands, founded in 1867. The company operates primarily in the transportation and agricultural sectors, with a strong focus on the cycling industry. Pon manufactures and distributes a variety of bicycles, including electric models, and offers mobility solutions such as bike leasing services. In recent years, Pon has made significant acquisitions to strengthen its position in the cycling market, including the acquisition of Cervélo Cycles, a Canadian bicycle manufacturer, and the bike division of Dorel Industries for $810 million, which positioned them as the largest bike company globally. They also acquired Santa Cruz Bicycles and Mike's Bikes, expanding their retail presence in North America. Furthermore, Pon acquired Veloretti, a Dutch consumer direct bicycle label specializing in city bikes and electric models, enhancing their production capabilities and reach in the urban cycling market. These strategic moves highlight Pon's commitment to the cycling industry and its potential relevance to cycling accessories manufacturing.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. In 2024, EIB was involved in 99 investments, showcasing its active role in the financial landscape. Notably, EIB has made significant investments in the cycling accessories manufacturing sector, including a €12 million loan to Fazua for the development of its e-Bike components portfolio. This investment highlights EIB's commitment to fostering innovation in the cycling industry. Additionally, EIB has financed companies like Blubrake, which is likely engaged in cycling technology, further emphasizing its involvement in this market. Through these transactions, EIB supports initiatives that promote growth and job creation within the cycling accessories sector.


3. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. In 2024, Gimv was involved in several transactions, including the acquisition of Lupine, a company known for its bicycle lighting systems, which highlights their interest in the cycling accessories market. Additionally, they raised funds for Curana, a company that may also have relevance in the cycling accessories space, although specific details are not provided. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges, making them a versatile investor in the cycling accessories manufacturing industry.


4. Lrm

  • Website: lrm.be
  • Type: Venture Capital
  • Headquarters: Hasselt, Flanders, Belgium
  • Founded year: 1994
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: lrmnv

LRM is an investment company focused on sustainable economic growth in Limburg, Belgium. Founded in 1994, LRM provides financing and expertise to startups, scale-ups, and mature companies, facilitating their development and innovation. Notably, LRM has invested in several cycling-related companies, including Ridley Bikes, which raised funds in 2014, and Classified Cycling, which secured $2,358,741 in a seed round in 2020. Additionally, LRM supported Team Cyclis with a seed investment in 2017. These transactions highlight LRM's commitment to fostering innovation within the cycling accessories manufacturing sector, alongside their broader focus on real estate development and economic growth in the region.


5. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. In the cycling accessories manufacturing context, Exor has made notable investments in companies like Cowboy, a Belgian e-bike startup that raised €71.3M in its Series C funding round led by Exor, and Upway, a France-based e-bike refurbisher that has also received significant funding with Exor's participation. These investments reflect Exor's commitment to enhancing value through strategic investments in innovative cycling technologies and services, positioning it as a relevant player in the cycling accessories market.


6. Pmv

  • Website: pmv.eu
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: pmv-eu

Participatiemaatschappij Vlaanderen (PMV) is a public entity that acts as an investment company for the Flemish government, founded in 2001. PMV provides a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors. Notably, PMV has made significant investments in the cycling accessories manufacturing context, including a €1.3 million Seed investment in Aska Bike, an e-bike startup, which aims to realize ambitious growth plans. Additionally, PMV participated in a funding round for Ellio, a speedpedelec manufacturer, contributing to their international expansion efforts. These transactions highlight PMV's active role in supporting the cycling industry, alongside their broader investment strategy in sectors such as real estate, clean tech, and life sciences.


7. Slingshot Ventures


Slingshot Ventures is a venture capital firm based in Amsterdam, North Holland, founded in 2017. The firm specializes in investing in early-stage digital consumer businesses, providing not only financial support but also strategic guidance in areas such as branding, talent acquisition, and financial management. Slingshot Ventures focuses on strong brands with satisfied customers and healthy profit margins, primarily operating in Western Europe. Notably, they led a $3.5M Series A round for UNIT 1, a smart bike accessory start-up, aimed at expanding their team and enhancing their safety-focused technology. Additionally, they participated in a $4.7M Series A round for VanMoof, a prominent bicycle manufacturer, showcasing their engagement in the cycling accessories and manufacturing sector.


8. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland operates across Europe and focuses on various sectors, including healthcare and sustainability. Notably, in March 2024, Waterland acquired Nationale Projecten Holding N.V., a company that provides additional fringe benefits to employees, with a specific focus on bicycles. This acquisition highlights Waterland's interest in the cycling sector, particularly in areas that may intersect with cycling accessories. Additionally, they acquired RUF Group in 2022, although this transaction is less relevant to the cycling accessories context. Overall, Waterland's strategic investments suggest a willingness to engage with sectors that support cycling and related accessories.


9. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in providing long-term capital and strategic advisory services to high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest's portfolio is diverse, emphasizing consumer needs and sustainable practices. Notably, they invested in Pedego Electric Bikes in December 2021, which highlights their engagement in the cycling industry. This investment reflects their strategy of supporting innovative brands that cater to consumer demands, including those in the cycling accessories market.


10. HOWZAT Partners

  • Website: howzatpartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: howzat-media

HOWZAT Partners is a venture capital firm based in Luxembourg, founded in 2006. The firm specializes in investing in digital businesses and provides funding and strategic advisory services to early-stage companies. Their clientele primarily consists of entrepreneurs and startups seeking investment and guidance. Notably, HOWZAT Partners has been involved in multiple funding rounds for Donkey Republic, a bike-sharing platform, raising significant amounts over the years, including $4.5 million in 2019 and $9.8 million in 2018. This involvement in a cycling-related business highlights their potential interest in the cycling sector, particularly in digital and innovative solutions within that space.



Cycling Accessories Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
PonAmsterdam, North Holland, Netherlands10001+18671
European Investment Bank (EIB)Luxembourg1001-5000195899
GimvAntwerp, Flanders, Belgium51-20019808
LrmHasselt, Flanders, Belgium51-20019941
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
PmvBrussels, Brussels, Belgium51-200200111
Slingshot VenturesAmsterdam, North Holland, Netherlands1-1020170
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
VerlinvestBrussels, Brussels, Belgium11-5019955
HOWZAT PartnersLuxembourg1-1020062


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