Gi Fly

Bignay Inc., the company behind Gi FlyBike, was founded in 2014 by Argentinians Lucas Toledo, Agustin Agustinoy, and Eric Sevillia. The idea for a revolutionary electric bike emerged from the founders' experience during a public transport strike in Argentina, which highlighted the need for a reliable, alternative mode of urban transportation. The company set out to design a full-sized, electric, and foldable bike tailored for city commuters.

The Gi FlyBike was engineered with an aircraft-grade aluminum frame and featured a patented one-second folding mechanism, 26-inch wheels, solid anti-puncture tires, and a quiet belt drive, positioning it as a low-maintenance vehicle. It offered a 40-mile range on a single charge and could be integrated with a smartphone app for features like a remote locking system, GPS, and sharing access with friends. The business model was centered on direct-to-consumer sales, primarily through crowdfunding platforms. The company launched highly successful campaigns on Kickstarter and Indiegogo in 2015, raising significant capital and securing hundreds of pre-orders from backers who purchased the bike at a discounted price.

Despite a strong start, raising over $2.1 million from crowdfunding and venture capital, the company faced significant operational challenges. Production, which was outsourced to China, was hit with delays related to product homologation. These issues were compounded by logistical problems and the financial strain of the 2020 global health crisis. While an initial batch of bikes was delivered, many customers did not receive their orders, leading to accusations of being a scam, which the founders denied, citing a series of unfortunate business circumstances. By early 2019, customer communication had ceased, and the company eventually closed operations in 2021, shutting down its app and servers.

Keywords: electric bicycle, urban mobility, foldable bike, crowdfunding, Kickstarter, smart bike, commuter bike, product design, hardware startup, direct-to-consumer