Dear MURF friends, fans, customers and family,

We are excited to share some big news with you. Today we are announcing that MURF has partnered with private equity firm, GEF Capital, to support and scale our growing business. This news means we’ll be able to bring the joy of exploring the outdoors on MURF to more people across the globe. With this news we have big plans to double our business, launch a new retail storefront, expand our dealer network, innovate 2 new models, drop a KILLER signature limited edition collaboration bike, all in 2023. You can expect to have the same great team working to bring you the best products and industry leading customer service so you can spend more time MURFING and exploring the outdoors!

We are thankful for your support over the years and are excited to have you along for the ride on this exciting new chapter!

Sincerely,

Josh & Kiara Jones

& The MURF Team

MURF Electric Bikes Partners with GEF Capital; Plans for National Expansion and Product Innovation

SAN CLEMENTE, California (January 25, 2023) – MURF Electric Bikes (“MURF”), creators of electric bikes designed for rugged adventuring, today announced a partnership with GEF Capital Partners (“GEF”), a global private equity firm focused on making investments addressing climate change and promoting sustainability. As the e-bike brand prepares to unveil a new storefront, several new national retail partners, two new products, and a limited-edition signature collaboration model in 2023, it has finalized a deal with GEF to receive growth capital.

“As a family-founded company, we were immediately drawn to GEF Capital's unique approach towards investing, which centers supporting management teams and aligning values,” said CEO and co-founder Josh Jones. “We’re thrilled to have found a partner that will support our close-knit team and continued growth. By combining GEF Capital’s expertise in supporting fast-growing businesses and our passion for all things outdoor recreation, we cannot wait to introduce MURF to even more people.”

The unique partnership between GEF Capital and MURF Electric Bikes was supported by technology advisory firm GP Bullhound, who acted as exclusive financial advisor to MURF as they evaluated potential capital partners. The MURF team chose GEF Capital because of GEF’s true partnership philosophy - focusing heavily on supporting the preexisting team and talent behind the brand.

“We are very excited about our partnership with Josh, Kiara and the rest of the MURF team,” said Stuart Barkoff, Managing Partner at GEF Capital. “MURF embodies the power of exploration, and its bikes are drawing customers seeking adventures and fun. We look forward to supporting MURF in its mission of bringing these experiences to everyone.”

MURF was founded in 2016 by husband and wife duo Josh and Kiara Jones with a mission to provide local surfers with a reliable, low-impact method of reaching far-flung waves. The Southern California brand began with one Class 2 e-bike only available via a direct-to-consumer website, and today offers a fleet of eight Class 2 and 3 e-bikes hand-assembled in their flagship San Clemente storefront. All MURF e-bikes are built with 500 watts or 750 watts of power in a 52-volt Samsung Lithium Ion battery, and include an industry leading two-year warranty. With the e-bike industry anticipating significant growth in the United States and globally, MURF plans to scale its production, expand reach into different markets and continue to launch innovative new products focused on utility to further position itself as the sustainable mobility leader in the outdoors and adventure industry. For more information, please visit murfelectricbikes.com.  

About MURF Electric Bikes

MURF Electric Bikes was founded in 2016 in San Clemente, California, by spouse partners Josh and Kiara Jones, who remain CEO and COO, respectively. The duo realized San Clemente resident surfers needed an economical, sustainable and durable method of transportation to access the most trafficked waves and the most secluded, hard-to-reach breaks, and thus, MURF Electric Bikes was born. MURF now serves all outdoor enthusiasts interested in responsible adventuring and sustainable travel with an assortment of eight different beach cruisers and e-bikes and accessories that allow for customization for sport and travel needs. Its fleet of quality-made, environmentally-friendly e-bikes has solidified MURF as a leader in outdoor accessibility, sustainable product development, and exceptional customer service.

About GEF Capital Partners

GEF Capital Partners is a global private equity firm established in March 2018 following a collaborative spinout from Global Environment Fund, an early pioneer in global sustainability and environmental investing. With offices in the United States, India, and Brazil, and investments spanning the clean energy, energy efficiency, waste, water, and resource efficiency sectors, GEF Capital invests in companies that have developed solutions to mitigate the effects of climate change and pollution. By partnering with management teams that operate in high-growth markets, GEF Capital brings a value-added approach to its investments to grow leading companies and ensure a more sustainable future. More is available at www.gefcapital.com.

About GP Bullhound

GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.