Bike subscription program launches in Waterloo, geared toward students
A new subscription-based bicycle program wants to help Waterloo students get around.
With Velodel – you pay a fixed monthly fee and get your own bike.
Velodel’s founders, Sunny Xie and Matthew Froggatt, are both students at Wilfrid Laurier University.
They launched the new company aimed at appealing to campus culture.
“Maybe people will only want to use them for the summer months like now, when it’s nice weather and don’t want to keep them in their garage, or bike lockers during the winter. They can just give them back to us,” said Xie.
Matthew Froggatt and Sunny Xie, co-founders of Velodel (CTV News/Ashley Bacon)
The subscription model, gives users to freedom to ride without having to buy.
“They don’t just need to get a bike – they need to get rid of it. They need to bring it home with them. They need to resell it and a lot of that happens during exams so we want to make it as stress free for those students as possible,” said Froggatt.
A monthly membership is $59.99 and allows users to take home their bikes, which retail at just under $1000. Purchasing your own bike could cost anywhere from $200 and up at big box stores.
It did not take long for their first customer to jump on board.
Hussain Phalasaya signed up just in time for the launch.
“The idea of having something that is there when you need it but isn’t there when you don’t, especially when you’re moving apartments from time to time, makes a huge difference so for me. The convenience is a big factor,” said Phalasaya.
He also said the quality of the bike is worth it and said he is excited to be the first customer.
Velodel is starting in Waterloo now but the company said they’d like to expand it in the future.
“We want to bring this to as many places in Canada as we can,” said Froggatt.
For now, Velodel’s fleet has 12 bikes for the launch of their long-term rental program.
CTVNews.ca Top Stories
Debunking the 'anti-sunscreen' movement: Doctors say TikTok trend is dangerous
Dermatologists are sounding the alarm about misinformation from the anti-sunscreen movement, saying not wearing sunscreen can cause cancer and other problems.
Poilievre Conservatives offer to help Trudeau Liberals pass foreign interference bill
Pierre Poilievre's Conservative Party is offering to help Prime Minister Justin Trudeau's Liberal government pass a piece of legislation aimed at countering foreign interference in Canada.
Three people shot to death in tiny South Dakota town; former mayor charged
Three people were shot to death in a small South Dakota town, and a former law officer who once served as the town's mayor is charged in the killings.
Ont. university says professor fired over 'unethical' sexual relationships with students
An associate professor at McMaster University has been fired after its board of governors found that he engaged in 'unethical, inappropriate and in some instances exploitative' sexual relationships with students.
'Unruly passenger' forces WestJet flight to make emergency landing in B.C.
A WestJet flight heading to Calgary had to make an emergency landing in northern B.C. Monday due to an incident involving an 'unruly passenger,' Mounties say.
Richard Dreyfuss' comments about women, LGBTQ2S+ people and diversity lead venue to apologize
The actor Richard Dreyfuss showed up in a dress at a 'Jaws'-themed event in Massachusetts, where the blockbuster 1975 movie he starred in was shot, and then proceeded to make demeaning remarks about women, LGBTQ2S+ people and diversity.
DEVELOPING Trump prosecutor focuses on 'cover-up' in closing arguments while defence attacks key witness
Donald Trump's landmark hush money trial turns on the testimony of a prosecution witness who told lies on the stand and cannot be trusted, a defence lawyer said Tuesday during closing arguments.
'Son of Sam' killer Berkowitz denied parole in 12th attempt
'Son of Sam' killer David Berkowitz, who set New York City on edge with late-night shootings in the 1970s, was denied parole after his twelfth board appearance.
Quebec homeowner recalls moment tornado hit his farmhouse west of Montreal
A homeowner in western Quebec is recounting a narrow escape after his home was hit by a tornado Monday afternoon.