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Bike-sharing company Cycle.land has launched an equity crowdfunding campaign as it gears up to expand in five UK cities.

The social marketplace is hoping to raise a minimum investment of £100,000 through Seedrs in return for a 6 per cent equity stake, and has already exceeded 60 per cent of its target.

Cycle.land’s platform allows UK members and international travellers to borrow bikes from local cyclists, families and vendors, from as little as £1 per day. The business was launched in Oxford in April 2016 by Agne Milukaite, a former Oxford University student, and user numbers have since increased by 100 per cent month-on-month.

Cycle.land is now planning to expand by launching in five additional cities across the UK, including Brighton, Bristol, Cambridge, Edinburgh and London.

Milukaite said: “Our mission is to get people cycling. Zipcar, Drivy, Tesla and Uber are all exciting, fast-growing companies that are making a difference in how we move. But as a society, we are in trouble if innovation is solely focused on cars. With Cycle.land, we’re building a sustainable company focused on shared bike mobility that is at least as disruptive as car and ride sharing companies.

The capital raised on Seedrs will be used to help Cycle.land expand its team, and build new partnerships with local businesses and communities in each city.

Cycle.land hopes to exceed a £1.5m turnover by 2018, and has set its sights on becoming a £35m company by 2020. InsiderMedia