MilkyWay, a Modena, Italy-based start-up focused on the design, manufacture and on-line sales of bike-trial and extreme sports equipment, raised €720k in funding.
The round was led by TT Venture, a fund managed by Fondamenta SGR, with participation from Atlante Seed, a fund managed by IMI Fondi Chiusi SGR (Intesa Sanpaolo Group), as well as several angel investors.
The company intends to use the funds to expand its range of products on the extreme sports market (such as kitesurfing, downhill biking, parkour, etc.) and to develop the on-line community, called Milky Tribe.
Founded in 2011 by Jacopo Vigna, MilkyWay operates an e-commerce site dedicated to the biketrials offering bikes, banners, wheels, brackets, brake spares, chains, clothes, cranks, forks, frame spares, freewheels, frames, grips, hubs, headsets, lighting systems, pedals, rims, saddles, stems, stikers, tyres, etc.
Initially supported by angel investors and Democenter-Sipe, the technology transfer centre of the Engineering Faculty of the University of Modena, MilkyWay was also selected to participate in the SeedLab acceleration program in 2012.