Ukrainian venture capital syndicate Toloka.vc has invested approximately $250,000 in London-based GIN e-bikes to support its subscription-based electric bike rental service, PLUTO. The funding was structured as a two-year secured loan with a 12% annual interest rate, backed by GIN’s electric bicycle fleet. The capital is intended to expand operations in London and accelerate subscriber growth in the city’s competitive micro-mobility market.
From Direct Sales to Subscription Rentals
Founded in 2022, GIN e-bikes initially operated as a direct-to-consumer brand, offering electric bicycles priced below $1,300, targeting affordability-focused urban riders. Between 2024 and 2025, the company strategically pivoted toward a subscription-based rental model, focusing on urban commuters and courier services. This shift enabled GIN to move toward predictable recurring revenue while retaining ownership of its assets, a structure increasingly favored in mobility services.
The PLUTO subscription model bundles monthly rental fees, maintenance, accessories, and insurance into a single offering. At the end of a typical 12-month rental cycle, bicycles are sold on the secondary market, creating an additional revenue stream. According to the company, this dual-income approach from rentals and resale supports a financially sustainable and scalable business model.
Early Results Show Promise
The PLUTO pilot project currently serves 37 active subscribers, with each electric bike generating approximately $210 per month in combined revenue from subscriptions and add-on services. If scaled to 100 active users, the company estimates this would translate into roughly $270,000 in annual recurring revenue (ARR). These early metrics indicate strong demand and validate the viability of subscription-based micro-mobility in London.
The newly secured funding will allow GIN e-bikes to expand its fleet by approximately 160 additional electric bicycles, strengthening its operational capacity. Beyond fleet growth, the company plans to invest in service infrastructure to improve maintenance coverage and customer experience across the city.
Looking ahead, GIN e-bikes plans to raise up to $1.35 million in 2026 to scale its fleet to around 1,000 electric bicycles. The planned fundraising will also support further expansion of logistics, servicing capabilities, and customer acquisition as the company deepens its footprint in London’s urban mobility ecosystem.
About Toloka.vc and Its Founders
Toloka.vc is a Ukrainian investment syndicate focused on backing technology-driven startups with scalable business models. The group was founded by Oleksandr Kolb, an entrepreneur and former board member of the Kharkiv IT Cluster; Taras Kyrychenko, former head of Pravex Bank and a supervisory board member at Nova Poshta; and Ihor Shoifot, a U.S.-based venture capitalist with prior experience at TMT Investments. The syndicate has completed multiple international investments, including ALICE Technologies in Silicon Valley, marking its eighth deal in 2025.
Toloka.vc’s investment strategy centers on supporting high-growth companies that combine innovation with capital-efficient scaling. In GIN e-bikes, the syndicate identified a startup applying technology to modernize urban transportation. By providing growth capital through a secured loan rather than equity, Toloka.vc aims to support expansion while managing downside risk.
The approximately $250,000 investment in GIN e-bikes underscores growing investor confidence in subscription-based urban mobility and recurring revenue models within the micro-mobility sector. With its pivot to PLUTO subscriptions and clear plans for fleet and infrastructure expansion, GIN e-bikes is positioning itself for sustained growth in London. Backed by experienced investors like Toloka.vc, the company is aiming to establish a stronger presence in the evolving urban transportation landscape.