Melbourne-based eBike provider and subscription operator Lug+Carrie has secured $5 million in funding designed to support further growth across Australia ahead of expansion into overseas markets, including the United States.
Founded in 2019 by brothers Ben and Dan Carr – the “Carr” in Carrie – Lug+Carrie is a premium e-Cargo bike subscription business looking to make it easy for people to use eBikes for everyday transport instead of cars.
Lug+Carrie currently offer two eBikes for subscription, the Tern HSD and Tern GSD, both of which can be outfitted with a range of cargo and passenger accessories.
Designed primarily for operating in busy cities like their current operating locations in Melbourne, Sydney, Lug+Carrie launched in Brisbane in September and plans to launch in Canberra by year’s end.
The company’s growth since founding has also benefited from partnerships with local and state governments, including Moreland City Council’s Ride and Stride program and Transport for NSW.
Funding success
Announced on Monday, Lug+Carrie have further demonstrated their company’s value by securing a $5 million bridge funding from private investors ahead of a planned Series A funding round.
The bridge funding, closed in collaboration with positive investment advisors Ecotone Partners, will allow Lug+Carrie to secure more stock to capitalise on local growth as well as break into new markets, including the United States.
“This funding is a reflection of our recent success and growth; we are beyond excited to keep growing, and continue to drive change in cities around Australia, who are looking for cheaper, more convenient, more sustainable commutes,” said Dan Carr, co-founder of Lug+Carrie.
Beyond plans to continue expanding across Australia, Lug+Carrie teasingly hinted at plans to soon launch in the United States through a “soon to be announced joint venture with one of their investment partners.”
Lug+Carrie is also looking at breaking into the commercial micrologistics market by expanding their e-Cargo bike subscription offerings to companies looking to replace vans or offer traditional eBikes for employees.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.