Term Finance Case Study:
Vélo Presto is the UAE’s first and only mobile bike servicing company. They offer convenience, reliability, and quality workmanship at competitive pricing.
Vélo Presto was the only bike servicing company in operation during the lockdown as all the bicycle shops were closed. Because of that, they were classed as an ‘essential service,’ and the pandemic positively affected their business. As their mechanics work inside the mobile workshop, they are isolated and, therefore, safe.
During the pandemic the team realised they needed finance to add new mobile workshops and extend the business’s opening hours.
What Beehive did
Beehive offered Term Finance to Vélo Presto to enable the team to purchase new vans for their mobile workshop. Term Finance directly connects businesses with investors willing to support their growth.
The business was fully funded in less than 48 hours, allowing them to move swiftly ahead without long delays getting access to finance.
As an expanding local business, Vélo Presto used the funds to fit out its fourth mobile bike workshop. This ensures that their customers receive first-class bike servicing outside their homes in a fully equipped mobile bike workshop complete with air conditioning and electricity. Their fourth van will be based in Abu Dhabi, allowing them to service their clients there.
“It is the second time that we have used Beehive for our funding requirements. Beehive’s platform is easy to use, and it provides us with great exposure for our brand. The process and communication with the Beehive team are always quick and professional. We really believe in letting people invest in the success of local businesses.
– Nicolas Girot and David Hunt, Owners and Founders, Vélo Presto