Famous basketball player LeBron James invests in Canyon bikes

(Archive photo: Romy Louise van Schooneveld)

LRMR Ventures, an investing agency that’s run by the famous American basketball player LeBron James and media personality Maverick Carter, was part of a new round of investments of Canyon bikes. According to the Financial Times, LRMR Ventures and another American investor – SC holdings – bought a share of 4 percent in the German company.

Canyon raised a total of 30 million euros after the latest investment round, which puts the total value of the company at 750 million euros. It’s not the first time that James invests in race bikes, because in 2007 he also bought shares in Cannondale.

Canyon used to focus on the European market, but recently it started a shift towards the American market too. The brand is currently gaining in popularity overseas. Since the COVID-19 pandemic, cycling has gained in popularity everywhere in the world. Especially in America, some people think there is still room for growth when it comes to alternative modes of transport.