eBike subscription firm Lug+Carrie secures $5 million in funding

Daniel and Benjamin Carr, Founders of Lug and Carrie

Established in 2019 by brother-duo Ben and Dan Carr, Lug+Carrie is a premium e-Cargo bike subscription business that is displacing car trips and accelerating the shift towards active forms of transport. Despite a challenging market, the business announced that they have closed a $5m capital raise, in collaboration with investment advisors, Ecotone Partners.

What is the market reach of Lug+Carrie?

The business has grown from the desire to turn everyday into an adventure, Lug+Carrie offers eBikes that are safe, convenient, and gaining traction across Melbourne and Sydney.

Working with suppliers like Tern Bicycles and Bosch eBike Systems, Lug+Carrie have positioned themselves as the go-to solution for families and businesses looking to replace cars with eCargo bikes designed specifically to safely carry heavy loads and passengers.

Since 2020, Lug+Carrie have carried out partnerships with local and state government, including Moreland City Council’s Ride and Stride program and Transport for NSW. Dan Carr, Co-Founder of Lug+Carrie, has underscored the business’ excitement for the future.

Commenting on the funding, Carr said, “This funding is a reflection of our success and growth; we are beyond excited to keep growing, and continue to drive change in Aussie cities, who are looking for cheaper, more convenient, more sustainable commutes.”

What were the investor’s thoughts on Lug+Carrie?

The raise will aid Lug+Carrie in meeting the strong demand of their existing markets, while also expanding into new cities. The business will launch in Brisbane this September, and Canberra by the end of 2022. Amanda Goodman, Co-Founder and Director of Ecotone Partners, has explained why Lug+Carrie was such an attractive prospect for investors.

“Investors were drawn to the business’ attractive unit economics and impressive month on month growth; in just two short years, Lug+Carrie has grown across Melbourne and Sydney and at the same time showed strong operating performance, which resonated with investors seeking to invest beyond the j-curve in growth businesses with profitable operating models.”

“Lug+Carrie are experiencing an exciting growth period; we are proud to have played a part in securing this raise at this unique inflection point in their journey.” Goodman said.

Lug+Carrie have major plans to expand their business, and will be launching in the US via a soon to be announced joint venture with one of their investment partners. Lug+Carrie will break into the commercial micrologistics market by expanding their proposition of providing e-Cargo bike fleets to companies seeking to replace vans or traditional eBikes for employees.