LeBron James is betting on the biking industry.

According to a press release provided to AfroTech, SC Holdings, and James’ LRMR Ventures, founded alongside Maverick Carter, have become new investors in Canyon Bicycles.

“As an avid cyclist and storyteller, I’m excited about partnering with Canyon,” said Carter in a statement. “The quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we want to be a part of.”

Building "The World’s Most Inspiring And Innovative Bike Company"

Their interests in the company will support expansion plans in the United States. LRMR Ventures and SC Holdings join current shareholders such as majority holder Groupe Bruxelles Lambert and the company’s founder, Roman Arnold.

“While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world’s most inspiring and innovative bike company. Their passion for what we are building will make them instrumental members of our team,” said the company’s founder, Roman Arnold, according to a press release.

Canyon Bicycles To Improve Online User Experience Throughout United States

Canyon Bicycles plans to maintain its role as one of the leaders in innovation, technology, and performance.

The new and existing investors will work with Canyon to increase engagement in the e-bike category, strengthen its brand presence globally, and improve the online experience for its consumers across the United States.

“Canyon has been a leader in cycling and a pioneer in direct-to-consumer e-commerce for over 20 years. From professionals on tour to everyday riders on streets and trails around the world, Canyon’s impact on sports and culture is seen everywhere. We are honored to partner with Canyon, GBL and LRMR, and excited to help capture the growth opportunity in the US,” said SC Holdings founder and Managing Partner, Jason Stein, according to a press release.