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In 2022, Taurus Capital, backed by various investors in SFs (Istria Capital, Cerralvo Capital, Liberty Search Ventures, Alza Capital Partners, Afinum, JB46, Vonzeo Capital, Luis Camilleri, Fernando Herrero, Paz Ambrosy, etc.), acquired Bike Ocasión, Spain’s leading omnichannel retailer of refurbished bicycles. The deal was atypical for the SF industry, involving a B2C startup in a rapidly growing market. Just two years later, the company, led by Borja Mesonero-Romanos and Juan Carretero, sought a new partner to propel its next phase of growth. After a competitive process involving several venture capital firms, Seaya Andromeda, a €300 million Pan-European climate tech growth capital fund, acquired a majority stake (70%) in Bike Ocasión. The deal was a combination of a buyout of the majority of Taurus’ investors, who exited with a positive IRR (in line with the returns of the SF sector) and a capital increase to fuel the company’s growth and expand its presence in strategic European markets. Carlos Rivera, co-founder of Clicars, also participated in the acquisition, bringing his expertise in scaling circular economy businesses.
In a world where sustainability and circular economy principles are becoming increasingly critical, Bike Ocasión addresses the urgent need for sustainable consumption by leveraging technology and digitalization to offer an accessible omnichannel solution. Founded in 2015, Bike Ocasión stands out as the market leader in refurbished bicycles, thanks to its best-in-class unit economics and scalable platform. The company has developed an impressive inventory of over 1,000 like-new bicycle models, supported by a rigorous refurbishment process managed by a team of 25 professional mechanics. Coupled with strong product warranties, this approach has enabled Bike Ocasión to build trust and satisfaction among its customers, selling over 15,000 bicycles to date and cultivating a loyal following of cycling enthusiasts and professionals. With projected revenues of €13M for 2024 (compared to €6M in 2022) and an established presence in Spain, France, Italy, and, more recently, Germany under the Zyclora brand, the company is well-positioned for further expansion.
Carlos Fisch and Borja Rosales, Partner and Principal at Seaya, commented that this investment will enable Bike Ocasión to enter new European markets, expand its physical retail footprint, and scale its refurbishment operations to meet the growing demand for high-quality refurbished bicycles. “Moreover,” they added, “Bike Ocasión’s commitment to waste reduction and sustainable mobility aligns perfectly with our investment thesis, building on the success achieved with refurbished cars in Clicars, which was sold to Aramis.“
Bike Ocasión/Zyclora co-CEOs Juan Carretero and Borja Mesonero-Romanos shared their enthusiasm for the partnership: “We are excited to embark on this new chapter with Seaya Andromeda, a partner who fully shares our vision of making cycling more accessible and sustainable. Their expertise in circular economy business models will be instrumental in driving our growth and scaling our operations.”
This transaction marks the second exit for a Spanish company managed by Searchers in 2024. While the deal was not as profitable as Ctaima’s exit a few weeks ago, it is encouraging to see the market maturing and exits beginning to materialize.
Legal: Bird & Bird / M&A: GTA Villamagna Abogados
