Bike subscription program launches in Waterloo, geared toward students

New bike subscription service Velodel rolls into Waterloo. As CTV’s Ashley Bacon reports, it’s marketed toward university 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.

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.