Canyon Bicycles, a Germany-based direct sales bicycle brand, today announced that it has received strategic investments from U.S. firms LRMR Ventures and SC Holdings to strengthen its presence in the U.S. market and diversify its product lineup.

The former, LRMR Ventures, is said to be the "family office" of basketball icon LeBron James (star of the recent remake of "Space Jam"). The latter's SC Holdings is run by James' lifelong friend, sports marketing entrepreneur and media personality Maverick Carter.

Exact figures have not been disclosed because it is a private investment, but reports indicate that the investment is approximately €30 million. The two companies will join the board of directors along with Groupe Bruxelles Lambert ("GBL"), a major shareholder, and the company's founder, Roman Arnold.

James, a basketball star, has long been a public advocate for cycling. His business ventures have previously made him a minority shareholder in Cannondale at only 22 years old, and his actions have spoken just as loudly.

His personal riding has extended to the 2019 purchase of a 36-inch wheel mountain bike, following the novel creation of a 29er before it became mainstream. More notably, in 2018, when a new public school for at-risk children opened in his hometown of Akron, Ohio, he gave a bicycle and helmet to each of the 240 new students.

Canyon is a market leader in both the road and off-road segments. It is the bike sponsor of Movistar (men and women) and Canyon SRAM, both on the World Tour, as well as Alpecin Deceuninck, with Arkea Samsic and Mathieu Van Der Pol. According to the brand, the move is part of its strategy to strengthen its commitment to the U.S. market and e-bike category, increase global brand awareness, and improve the online shopping experience when purchasing a Canyon bike.

"We were not actively looking for new investors, but LRMR and the SC team immediately understood our mission to build the most exciting and innovative bicycle company in the world," explained Canyon founder Roman Arnold. Their passion for what we are trying to build will make them an important member of our team"

.

Nevertheless, the benefits of today's announcement may not be limited to Canyon's interests. Having a name like LeBron James in the sport of cycling can only be a positive for the sport's recognition and growth in participation.

Jason Stein, founder of SC Holdings and partner at Maverick Carter, said, "Canyon is a leader in cycling and has been a pioneer in direct-to-consumer e-commerce for over 20 years. From touring professionals to everyday riders on the streets and trails around the world, Canyon's impact on the sport and culture is everywhere."

He added.

In parallel, the brand also announced today the appointment of YouTube Chief Business Officer Robert Kinkle to its board of directors as a means to "further strengthen its digital capabilities."