As always, we would like to thank you for your faith, support and hard earned dollars entrusted to BRIDGE. Below is a general update.
If you see anything that you are able to help us with, and/or would just like some more clarity on, please let us know.
And, if you don't already, follow us on Instagram, there'll be more to see and the most up-to-date info.
We're Shipping Bikes!
Turning the switch on to production has been both exciting and also a bit more challenging than expected. But, we improve each day. The initial customer reviews have been incredibly positive and confidence inspiring. We could not have written them any better ourselves.
Below are some testimonials.
"So this morning was interesting: I did Crestwood repeats on my S-Works Tarmac and then took the Surveyor to ride to the office so had direct comparison with what was, until now, the best bike I have ever been on. The Surveyor compares VERY well with the S-Works in being also extremely smooth, very responsive to acceleration. Have not yet tested cornering at higher speed but so far it’s phenomenal..."
"Honestly, this thing is the n+1 killer. Congrats on nailing it on the first go... Pretty unreal"
"Kept making me want to ride faster"
"Hey Mike and Frank - I am just back from a quick test ride...amazing feeling, the fit is just prefect. Worth the wait. Thank you!"
"Loved it - the Surveyor rides so smoothly..."
As most of you have been with us for a while, you know this has been quite the journey. A little over a year ago we had one tool and one carbon part that would look unrecognizable to us now. And just one person laying up carbon. Now, we have almost a complete set of molds for all sizes, our parts and bikes are already world-class in quality, and we now have 4 full time laminators that are pumping out production parts daily.
Our frame has passed all of the ISO 4210 tests, and even a new one that many companies have yet to implement that is now a requirement from 2023 onward.
The one item left, though we're so close, is our fork. This still needs to be independently certified. The great news is that it has passed our in-house testing and is looking and feeling amazing. Frank has been riding it and torture tested it at Paris to Ancaster and the 50 Mile Unbound Gravel race in Kansas. The dedication of our engineers and laminators to get to this point has been impressive.
A fork is no joke: it is an incredibly complicated part to produce, it takes a huge amount of what the roads and rider throw at the bike and it is critical for rider safety. We are taking the necessary steps toward world class safety and performance as we continue to make one of the only Canadian made carbon fork ever produced.
We have also gotten verbal orders for our fork from very prestigious frame builders. The extra revenue and exposure for BRIDGE will be fantastic.
Carbon Threaded BB
We developed and filed a provisional patent for the industry's first carbon threaded bottom bracket. We developed this technology to improve our process, as it removes a production step, lowers the weight, and ensures better alignment. We, of course, decided to market the invention as well.
We publicly launched at Sea Otter 2023, North America’s largest cycling trade show, and almost blew up the internet (at least in the cycling world). We received a lot of media attention, but more importantly, we are now seen as a company contributing progress to the industry and not just another small bike company. This differentiation is huge. It has already shown potential as more and more brands and media reach out to discuss potential collaborative relationships.
Check out the media page on our website to see all the action. To learn more about the Carbon Threaded Bottom Bracket head here.
Sales, Marketing and Media
We attended the expo and had 3 racers riding Surveyors at Paris to Ancaster. This year the event doubled as the National Gravel Championship. The biggest result was customer respect in seeing our bikes in the wild and handling, without fail, some of the roughest conditions out there.
We also just returned from Unbound Gravel in Kansas where we showcased 6 bikes, a 10x20 booth and, again, 3 racers. One of our racers, and junior engineers, came 3rd in the open category and first in his age group (that's Nick in the photo above, finishing with some pros). This really illustrates what our Surveyor can do without questions. And... Frank did the 50 mile... he placed 28th overall and fell deeper in love with the Surveyor.
These shows aren't so much selling shows, but help exemplify to the industry that we're here, alive and well, and with a product that is beyond top shelf.
Next events are ENVE's Grodeo in Utah and then MADE in Seattle. We will also be supporting local events throughout the summer and fall and continuing our semi-regular facility tours.
Our dealer network continues to grow and our DTC sales are ticking up a touch. We believe a lot of people are still waiting to see how we can perform with respect to shipping bikes, and what those customers are saying.
We also will be implementing a deposit structure on our website (right now it has been just full payment up front) and we believe this will support a growing sales book, get some cash in, and also help manage shipping expectations.
As a quick marketing update we will be sharing a film that we shot recently, with a super professional team. I am looking forward to sending a final version to you all soon.
We also redesigned our website and restructured our offerings to simplify the process for customers and inventory management alike. Please take a look if you haven't yet.
Finance
We were awarded ~90k in government grants to develop our internal testing rigs, conduct an IP review, as well as file our first provisional patent. The latter portion is complete, and the test rig project is ongoing to September.
We will also be receiving over ~190K SRED returns this year, so this is nice!
However, we are still in need of approximately 250K to close out our original equity round that you are all a part of. At this point, we consider outside investment as growth capital to help us with scaling our production to get through backorders and satisfy demand.
While cashflow management is a challenge, we have an incredible amount happening in a positive way. We have a product, and have already proven that it is beyond awesome. The entire industry knows about us and is following our progress. We have already developed some incredible IP. With all of this, we have de-risked a substantial portion of the start-up path, all with building out a super capable team.
That said, we still need help. Please let us know if you would like to chat about topping up your investment prior to us closing this round out, or if you have any introductions you could make. This would be deeply appreciated.
That's it for now!
We will be sure to keep you posted on major developments. Please feel free to reach out to us if you have any further questions or concerns.
Until next time!
Frank, Mike and the BRIDGE Team
