Hi there!
Fixi was born out of a determination to simplify the process of repairing bikes and making it more accessible to everyone.
Our Founder and CEO, Rafi Mohammed, came to Uppsala from India in 2018 to pursue a master's degree in Industrial Management and Innovation. A flat tire on his bike led to a groundbreaking idea - to streamline and modernize the unnecessarily long and complicated process of bike repairs.
Rafi took a break from his studies to bring this idea to life. His initial business model, servicing bikes at people's homes, did not take off as expected. Undeterred, Rafi evolved his business approach based on advice from investors. He tested a new concept similar to Uber or Foodora, partnering with a few workshops and spreading the word in student corridors. In just a few days, he had secured ten customers.
However, funds were running low. Despite the financial challenges, Rafi's determination remained undeterred. He reached out to numerous incubators across Sweden during the Christmas of 2019, and two got back to him. One of them, the Arctic Business Incubator, presented an opportunity that changed the trajectory of Fixi.
After a grueling 15-hour train journey to Luleå to meet with the Incubator, Rafi was given a chance to pitch his idea to an angel investor, Mattias Karlsson. Impressed by Rafi's idea and determination, Mattias decided to invest, giving Rafi the much-needed funds to jumpstart his company.
Our goal at Fixi is to expand across Europe and become a one-stop-shop for all things related to bike - from buying and selling to repairing. We believe in making the process of repair services more accessible and promoting a circular economy, making us a champion of sustainability.Join us in our journey of revolutionizing the repair industry.
Our journey started in October 2020. Within a short span, we amassed more than 300 customers in Uppsala and Stockholm. The positive feedback we received validated our platform, proving that our concept worked. Meanwhile, we constantly improved our services based on our customers' feedback, implementing Bambora for diverse payment options and enabling customers to choose drop-off times.
The early months of 2021 were dedicated to seeking new investment rounds, but success eluded us. In April, our lead investor gave us a lifeline in the form of a loan, which helped us cover some consultancy bills. We were ready to go full throttle, launching our platform in Lund, Malmö, and Göteborg.
By the end of June 2021, we had achieved a gross revenue of more than 1.2 million SEK, serving over 2500 customers. We secured a bridge round of 3 million SEK from existing shareholders. This funding allowed us to clear our debts, but the company was left again with no capital
In July and August 2021, we approached several investors and small family offices, but to no avail. Concurrently, we launched a subscription service for bikes in partnership with the only two players in Sweden (MOVS and Jonna bikes). However, this venture didn't take off as anticipated.
In September 2021, when we were on the brink of bankruptcy, Almi came to our rescue with a 2 million SEK loan under favorable terms. We began to see light at the end of the tunnel. Our success with bike stores prompted them to request a marketplace to sell their bikes and accessories through our platform, and we delivered.
In October 2021, we launched a beta version of our marketplace. We continued to pitch to various investors and secured a couple of angel investors.
From November 2021 to January 2022, we decided to crowdsource our funding. Despite the challenges, we raised 3.7 million SEK from 62 new shareholders, putting in long hours of meetings and networking.
In February 2022, we focused on operations, onboarding new bike stores and achieving a 95% conversion rate.
In March 2022, we launched Fixi Marketplace, allowing customers to assemble orders easily and enjoy the convenience of our delivery service. We were on our way to establishing the world's first and biggest marketplace of its kind.
In April 2022, we saw an influx of customers and a 100% increase in our average order value compared to the previous year. We crossed the milestone of 7000+ orders with a 55% retention rate. Our partnerships with major B2B companies like Foodora, Personalcyklar, and Uppsala University have bolstered our operations.
At this stage, we initiated Fixi Rescue Bikes - offering bikes rescued from the street. Our customers get a free bike, contribute to environmental sustainability by rescuing bikes destined for scrap, enjoy warranties on replaced parts during repair, and get a 10% discount on their bike repair. Through Fixi, these rescued bikes find new owners and a new lease on life.
As we continue to grow, we are now seeking more funding to solidify our marketplace and expand our rescued bikes initiative. We are also eyeing expansion to different cities across Europe. Join us as we take Fixi to new heights.
In May 2022, we launched Fixi Rescue Bikes. This initiative is aimed at rescuing abandoned bikes, repairing them, and offering them to customers free of charge. By doing this, we are promoting environmental sustainability, as well as supporting local bike stores and boosting the circular economy. Each rescued bike helps reduce CO2 emissions that would have resulted from manufacturing a new bike.As we continue to grow, we are now seeking more funding to solidify our marketplace and expand our rescued bikes initiative. We are also eyeing expansion to different cities across Europe. Join us as we take Fixi to new heights.
In June - July 2022, we successfully raised another round of funding, amassing a total of 3M kr through a bridge round from existing owners and a green loan from Almi. We are deeply grateful to our investors and Christer from Almi for their continued support.
In September 2022, we managed to sell over 250+ rescue bikes, all accomplished with a minimal marketing budget. An encouraging statistic from our journey so far is that we've potentially prevented over 50,000 kg of CO2 emissions by giving a second life to these rescued bikes instead of replacing them with new ones.
By November 2022, Fixi embarked on a new venture in the form of fixi.garden, a bold collaboration with QC Trädgårdsexperten, a chain with 35 stores in 35 cities. This period also marked the addition of a new co-founder, Magnus Liarsgård, to the Fixi team.
Fast-forward to February 2023, we officially launched fixi.garden. This platform facilitated the onboarding of new stores, testing procedures, and the receiving of orders from customers.
In March 2023, we introduced a new feature, enabling each store to have its own mini booking site. This allowed them to create a QR code link, which could be promoted on their social media channels and websites to increase their visibility and customer reach.
As of June 2023, we're preparing to launch a new store admin platform. This comprehensive platform will allow stores to manage all their orders and proposals in one place. Designed with user-friendliness in mind, it promises to make operations smoother and more efficient for all our store partners.
