Case Study

Billy eBikes

Combining electric and free-float sharing will boost cycling as a real mainstream alternative for the car, by making it accessible to a larger group of people and to be used for longer distances. Billy-cycling addresses the environment, health and economic consequences of pollution and congestion caused by motorized transport within cities.

Case Study


Goals & Process

Billy first started to show that it was getting traction when it had:

  • 9000 leads captured on a waiting list
  • 0 € marketing effort yet
  • Closed Beta – 500 active users
  • 15.000 rides within test period


Why did you choose this funding type?

Billy’s revenue model is based on a simple usage fee of €0,15 per minute. Compared to other with models with fixed stations, the free-float model is more asset- and maintenance-light. Recharging is actually done by swapping the batteries when they reach a 20% charging level. This task will be performed by a continuously rotating staff, who will also perform light maintenance and repairs on the fleet. Billy’s e-bikes will be available within an average reach of 300m.


Successes & Challenges

After one year:

  • Full operational experience
  • Average usage: 0,24 ride/day/user
  • Own GPS and E-bike developed
  • 475k EUR raised
  • Ready to scale up
  • 2 majors cities + 2 medium
  • 2 million rides in total within 18
  • Recognized as the main European player
  • Billy has developed – and fully own the IP – Both „brain“ of the bike (GPS) and the E-Bike
  • Bike break even point: 1,7 rides / day / bike
  • City level break even point: 2,3 rides / day / bike
  • Average usage: 0,24 rides / day / users
  • For 300 bikes, Billy needs 3000 users to break even

In H1 2017 Billy raised €175k in convertible loans from private investors and from a leading player in the Belgian mobility market, funding the soft launch and enabling a larger public test with 150 bikes. To grow its fleet to 400-500 bikes for full launch in April 2018 and to adapt and grow its team accordingly, Billy was looking to raise money in October 2017. The management was looking for equity financing via capital increase. 300k have been invested into Billy with the support of FASE EUR.



  • Sociaal Investeringsfonds SOIF van De Punt: The fund invests capital and supports the social enterprise with access to networks and know-how.
  • Trividend:The Flemish participation fund for the social economy has invested more than EUR 4.2 million since it was founded in 2001.
  • 2 private Business Angel

Source: FASE Deutschland

Billy eBikes


Billy eBikes


Advanced Beginner, Competent, Semi Pro

300.000 €



business angels

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