Los Angeles Lakers star Lebron James’ LRMR Ventures, founded alongside Maverick Carter has become a new investor in Canyon Bicycles.
“While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world’s most inspiring and innovative bike company. Their passion for what we are building will make them instrumental members of our team,” Canyon founder, Roman Arnold, said according to AfroTech.
Canyon Bicycles will maintain its role as a leader in the innovation, technology and performance of bicycles. The new investors will work with Canyon to increase engagement in the e-bike industry and strengthen its brand presence globally and improve the online experience for its customers across the U.S.
“Canyon has been a leader in cycling and a pioneer in direct-to-consumer e-commerce for over 20 years. From professionals on tour to everyday riders on streets and trails around the world, Canyon’s impact on sports and culture is seen everywhere. We are honored to partner with Canyon, GBL and LRMR, and excited to help capture the growth opportunity in the US,” said SC Holdings founder and Managing Partner, Jason Stein said in a press release.
James has invested in numerous businesses throughout his illustrious NBA career including Kittch, a new live streaming platform for food-obsessed creators, media company Hana Kuma and his HBO Show The Shop. All of which, among other ventures, have made the four-time NBA champion the NBA’s first active billionaire.
Canyon Bicycles sells a variety of mountain, road, gravel and e-bikes as well as accessories. The German-based company, which was founded in 2002, also has a page dedicated to professional and amateur cycling events.
The COVID-19 pandemic led to an increase in cycling as a hobby/sport and a means of transportation for millions of Americans who bought bikes, leading to a shortage across the United States.