An investment group set up by basketball star LeBron James, LRMR Ventures, has taken a strategic stake in German cycling company Canyon.

Koblenz-based Canyon said it had raised $30 million in new investment, with the cash injection coming from LRMR and a second equity group, SC Holdings.

Canyon founder, Roman Arnold, said the company had not actively sought new investment but explained that LRMR and SC Holdings had understood, and wanted to be part of, its mission to become “the world’s most inspiring and innovative bike company”.

Image: Canyon.

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