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velofix Announces Growth Financing from MacKinnon, Bennett & Company

May 17, 2019 — The velofix Group of Companies (“velofix”), North America’s leading Mobile Bike Shop operator, has closed a financing round with MacKinnon, Bennett & Company’s (“MKB”) MKB Partners Fund LP, a growth equity fund focused on the clean energy, transportation, and smart city sectors.

Montreal-based clean energy and transportation fund invests in Mobile Bike Shop operator

MKB’s investment will help velofix’s founders expand the company’s geographic footprint within North America, enhance its technological backbone, scale its marketing efforts and generally support velofix’s growth as it aims to accelerate the adoption of sustainable mobility by providing premium, consistent, and reliable service as a leader in light mobility services.

“When we launched velofix in 2013 out of Davide’s garage, we believed that bicycles could help change the world. As consumers, we felt there needed to be a better solution for service and last mile delivery. Our goals and vision for velofix have not changed and we are more confident today in the future of this disruptive business model. We are very proud to partner with MKB and to accelerate our growth plans to put more Mobile Shops on the road and to provide more access for consumers to our light mobility services,” said Chris Guillemet CEO & Co Founder, velofix Group of Companies.

Cycling industry dynamics are shifting dramatically at a time when ridership is growing across the world. As consumers demand other options and evolve from the traditional brick-and-mortar retail to e- commerce, velofix has the opportunity to enhance the direct-to-consumer options for bike servicing and delivery enabling the growth of bicycle e-commerce. As the only large scale Mobile Bike Shop fleet with broad geographic coverage in North America, velofix is well positioned to be the dominant service and last mile delivery solution.

“Like so many industries that have been transformed by direct-to-consumer business models, velofix will reshape the cycling industry. We are very excited to partner with a talented management team that is capitalizing on an incredible opportunity to scale its innovative light mobility services business,” said Antonio Occhionero, Partner at MKB.

About velofix: velofix was launched in 2013 by Chris Guillemet, Boris Martin, and Davide Xausa, who all share a passion for cycling and the common belief that bicycles can help change the world. velofix is the largest fleet of Mobile Bike Shops in North America. EY Entrepreneur of the Year 2018 Winner (Pacific Region-Emerging), featured in the New York Times and recognized on Entrepreneur Magazine’s rankings for Franchise 500, Fastest Growing Franchises and Top New Franchises of 2017. velofix has also been called “one of the most impressive mobile franchises” by Entrepreneur Magazine. velonews calls Mobile Bike Shops the #1 Industry Trend in 2017. velofix has also been featured on CBC’s Dragon’s Den (Canada’s version of Shark Tank), which resulted in Jim Treliving coming on board as an investor. Charles Chang of Lyra Growth Partners has also invested in the company.

About MKB: MKB is an independent Montreal-based private investment firm that provides growth capital to companies at the forefront of innovation in the energy, transportation and smart city sectors. MKB applies a pro-active, hands-on approach to investing, taking significant minority positions in its portfolio companies and assisting management teams in reaching their full potential by providing in-depth strategic and financial advice. To learn more about MKB, visit http://www.mkbandco.com.