An alternative cycling start-up company in Townsend is getting a financial boost from the state.
Cutting Edge Wheels received a $380,000 program investment from Nest Tennessee, a venture capital firm funded by the state. Launch Tennessee also gave a $150,000 co-investment.
Cutting Edge Wheels is a new company started by three local entrepreneurs with business backgrounds in companies such as ADIDAS and Procter and Gamble. They believe there's a big opportunity for growth in alternative biking, and these investments will help them meet those demands.
"It takes us to the next level in being able to provide these bicycles and manufacture them here in East Tennessee. It opens up a lot of doors for us to become a much more viable company," said Bill Gillette, Cutting Edge Wheels director of research and development.
The new company plans to design, build, and sell recumbent and electric bikes at its Townsend shop with a focus on constructing high quality frames.