Munich e-bike startup Sushi Bikes faces an uncertain future. Following a ruling by Munich District Court on November 14, 2025, provisional insolvency administration was ordered for Sushi Mobility GmbH, the company behind the Sushi Bikes brand. This means the company can only dispose of its assets with the approval of the administrator. The proceedings serve to secure assets and examine the economic situation. However, a final decision on opening insolvency proceedings is still pending.
Founder Andy Weinzierl confirmed to Munich Startup:
“We are currently exploring restructuring options.”
The company, founded in Munich in 2018, specialized in minimalist e-bikes at affordable prices targeting young urban audiences. Early supporters included prominent business angels such as TV host Joko Winterscheidt, who was a co-founder and investor until 2024, as well as Mymuesli founders Max Wittrock and Philipp Kraiss.
From the coronavirus boom to industry crisis
During the coronavirus pandemic, Sushi Bikes experienced a period of rapid growth. According to industry reports, Europe-wide bicycle sales rose by 40 percent in 2020. But with the end of the boom, the market cooled significantly. From 2023 onwards, average bicycle prices in online retail declined sharply: road bikes by seven percent, mountain bikes by 16 percent.
According to the 2024 annual accounts, published in October 2025, Sushi Bikes recorded an annual loss of 2.7 million euros, a balance sheet loss of 7.5 million euros, and total debt of 4.3 million euros. To stabilize the business, Sushi Bikes raised venture capital financing for the first time in July 2023. Investors included STS Ventures from Cologne, BayBG Venture Capital from Munich, and several family offices. At the time, Weinzierl stated:
“The new capital simply gives us more room to maneuver. We want to invest more in the brand and professionalize the service segment.”
Visiting the company’s website today, no products are currently available. Instead, visitors find the hopeful message “We’ll be back soon!” The site states that the company is currently working on important changes and will be available again soon.
Sushi Bikes’s crisis is part of a series of other crisis cases in the bicycle industry. In recent months, manufacturers such as Möve and Sprick Cycle have also filed for insolvency. Industry experts speak of a correction phase following the pandemic-driven boom, which particularly affects young companies with high production and logistics costs.
