Startup profile: ReTyre - an innovative bike tire that can be fixed in less than a minute.
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Retyre was founded in 2015 and developed an innovative tire coat for bicycles that can be easily attached to the wheels with a zipper. They just secured €700k ($810k) from the H2020 SME program which constitutes 70% funding matched by private and public investors for the development of a reTyre modular tire grand plant. Also, they have an active Kickstarter campaign with early customers making orders of about $20k, at a target of $10k.
What are the names of founders, their management roles, and how many full-time paid employees do you have?
CEO Paul Magne Amundsen - Co-founder. Chemist and inventor with an eye for design and the reTyre engine.
CTO Sigmund Andenes - Co-founder. Chemist and product developer, the company realist.
COO Alexander Gjendem Gjørven - Partner. Teacher and serial entrepreneur, the business organizer.
Senior Designer Olaf Brage Marvik - Partner. Detail oriented designer.
Employees: 2. A CMO and a Product developer. In addition we usually have a couple of interns.
Do you have external funding or are you bootstrapped?
We have external funding from two seed rounds.
What problem do you solve and for what industry?
We want everyone to be able change their bike tire to suit their need in less than a minute, no matter if it is snow or ice, gravel, asphalt, trail or off road.
How do you make money, what is your business model?
We sell our products through distributors, bikebrand and retail.
Why do you think the value you're creating is so important that customers are willing to pay for your solution?
Because with our tires and skins, people save time and money compared to using and changing regular tires.
Do you have paying customers or some sort of external validation?
We sold 4,500 tires of our «alpha» version during the winter 2017 through more than 120 stores and chains in Norway. We launched a Kickstarter campaign in September 2018 to start our international expansion and the project was 100 % funded in 3,5 hours. Also EU gave us € 700,000 in grants through the H2020 SME instrument in 2018.
Who is your local and international competition?
The established tire manufacturers such as Schwalbe, Kenda, Suomi, 45NRTH etc, both locally and internationally.
What is the biggest challenge you need to solve in the next few months?
Building brand awarenes and trust on the international level.
If you're hiring, why should anybody join you?
We are always open for applications in all types of positions. It’s more about the mindset than the position.
Because while a lot of entrepreneurs spend their time talking about their idea, we went out and made it, sold it, and succeded!
Are you looking for external funding? If yes, how much and for what?
We are currently not actively seeking it as we have a long runway, but if the right investor approach that can contribute to our success, the door is always open. If anything we would use it to increase the marketing efforts in order to help our B2B customers achieve more success with selling our products and in order to keep building our network and brand.
reTyre in entrepreneurs words:
reTyre is a modular tire system consisting of two parts. Our slick base tire with zippers on the skinwall, and (currently) three different treads which we call Skins that can be mounted on that tire. The three Skins are Urban Winter w/156 studs for winter conditions, the All-terrain for gravel and finally the Trail X for off-road.
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