Rotorua startup Bike Matrix secures $2 million to revolutionise the global bike industry

Lifestyle Sport Business

Our city, renowned for its world-class mountain biking trails, is also home to an innovative startup that is set to transform the global bicycle industry.

Bike Matrix, a local tech company founded by Adam Townsend, Lyndal Bailey, and Adam Barnes, has recently secured a significant $2 million seed investment. This investment not only validates the groundbreaking nature of their technology but also brings international attention to Rotorua’s burgeoning tech scene.

A solution born from experience
The idea for Bike Matrix was born from a shared frustration experienced by Adam T and Lyndal, both seasoned bike mechanics with more than 25 years of combined experience.

“As avid cyclists, we’re constantly swapping parts and customising our bikes,” Adam said. “But finding the right parts can be a real headache. When we started working in customer service for an e-commerce retailer of bike parts, we realised that many riders were facing the same problem.”

With this in mind, Adam and Lyndal decided to take matters into their own hands. They began developing a software solution from their property in Waikite Valley that would simplify the process of finding compatible bike parts. Their goal was to create a tool that could be used by retailers, mechanics, and riders alike, making it easier for everyone to find the parts they need without the hassle.

Building a global database
Enter Adam Barnes, a talented software developer and the third co-founder of Bike Matrix. With Adam B on board, the team was able to turn Adam T and Lyndal’s vision into reality. The result is a comprehensive compatibility system that allows users to “select a bike and see what fits.” This innovative technology can be integrated into online stores, retail software systems, workshop portals, and even bike design processes, making it a versatile tool for the entire industry.

“Essentially, we’re creating a bike garage, like what you’d find at Supercheap Auto for cars,” Adam T explains. "We’re building a large database of bikes and components that will plug into the backend of everyone else’s software globally. For riders, it means they can go to any bike retailer’s website, select their bike, and instantly see which parts will fit. For retailers and mechanics, it streamlines the process of finding and ordering parts, reducing errors and improving customer satisfaction.”

Industry recognition and growth
The success of Bike Matrix has not gone unnoticed. At Eurobike, the world’s largest bicycle industry trade event, the team won a prestigious Eurobike Award, indicating the strong industry support for their compatibility solution. This achievement is even more impressive considering that just a year prior, the team sold their car to attend the event with nothing more than a spreadsheet and a handful of business cards.

Today, Bike Matrix has agreements with more than 80 component brands and several major global bicycle brands. They are also collaborating with two strategic beta testers in New Zealand and are in discussions with several more. The recent NZ$2 million investment, a silent contribution from within the bicycle industry, will enable the company to expand its team and accelerate its growth, taking Bike Matrix to the next level.

Lyndal says, “We’re thrilled to be onboarding two new team members and boost our capacity to deliver what the bike industry clearly demands. In five years, this will be the go-to method for finding bike parts, just like it is in the automotive industry.”

A bright future for Rotorua's tech scene
Bike Matrix’s story is a reminder of the power of innovation and the impact that a small team with a big idea can have worldwide. The team’s success is a testament to the ingenuity and determination of its founders, and a source of pride for the Rotorua community.

By solving a problem that has long plagued the bicycle industry, Lyndal and the two Adams are further enhancing Rotorua’s reputation as a growing hub for innovation and entrepreneurship in the tech scene.

As Rotorua continues to cultivate a vibrant tech ecosystem, we can’t wait to see what other groundbreaking ideas emerge from our community.

For more information about Bike Matrix and their revolutionary compatibility solution, visit their website.