What They Do:
Wave offers the smart bicycle as a solution to problems like pollution, congestion and lack of exercise to people living in cities all around the MENA region. The startup has a subscription-based model following the successful Northwestern European model. However, it has tailormade its app, bike, and service to suit the culture, environment and climate of the region.
Startup Experience:
We applied to the GIMED program to improve our local and regional network and to gather more knowledge about all facets of our business. In March, we successfully started operations with the first batch of 75 bicycles, which have been fully rented out from the very beginning with more than 90% retention rate and a daily growing waiting list. We are expecting 250 more bicycles to arrive this winter. This summer we are launching our app, which supports our users with their subscription, bicycle maps, and route information. Our greatest achievement so far is that that we have happy customers who previously thought that cycling would not be for them, or for the Lebanese in general.
The economic crisis, COVID-19, and Beirut blast did not change our vision but strengthened our mission to succeed with much-needed bicycles. The blast caused delays though, and currently, we are facing difficulties to find follow-up investments to grow our fleet because of the economic crisis, while customer demand for our bikes is huge. We are focusing on growing outside of Lebanon so that we can attract funds and then grow our fleet in Lebanon.
About GIMED
Berytech is the official partner of The Green Impact MED Project – Positive Investments for Positive Impacts (GIMED), an EU-funded project under the ENI-CBC Med Programme aiming at supporting green entrepreneurs to better access finance and market in the Mediterranean. The project provides training, coaching sessions, capacity building workshops, and sub-grants to consolidate green business creation and green business development. Learn more about the GIMED Project.
- Duration: 46 months
- Start date: 01 September 2019 – End date: 31 August 2023
- Total budget: 2.633.106,29 €
- EU contribution: 2.369.106,29€ (90% co-financing to project)
- Main source of funding: European Union (ENI CBC Med Programme)
