April 17, 2024—Seattle, WA
Today marks a significant stride in the battle against bicycle theft as global tech company Two Three Bird, an innovator in the micro-mobility sector, announces its acquisition of Project 529. This pivotal move heralds a new chapter in keeping cyclists riding. Originating from the visionary minds of Microsoft veterans J Allard and Lara Ferroni, Project 529 has revolutionized bicycle security with Project 529, its comprehensive registration and bicycle recovery service.
“Project 529 has become a powerful ally for cyclists, significantly reducing bike theft by 70% in areas like Vancouver, BC. With over 3 million searchable bikes so far, it's clear evidence of the community's trust in its ability to protect their bikes and enhance safety for all cyclists.” states Ferroni, CEO of Project 529.
Bicycle theft in North America persists as a significant issue, with over 2 million bikes stolen each year, equating to a theft occurring every 30 seconds. This epidemic not only inflicts a staggering financial toll estimated at $2 billion annually but also has social ramifications, with an estimated third of individuals refraining from cycling again after experiencing theft. Alarmingly, the majority of bike theft victims lack sufficient protection measures, often relying on inadequate home or renters insurance coverage and low-security locks, exacerbating the problem further.
Two Three Bird's acquisition of Project 529 is a game-changer in this landscape, signalling a major leap towards mitigating these challenges on a global scale. "Our mission aligns seamlessly with Project 529’s revolutionary approach to keeping riders riding," says Two Three Bird’s CEO Theo Grobler. "This acquisition is not just about expanding a platform; it's about empowering cyclists worldwide to ride with confidence and peace of mind, knowing they are supported by the most robust bike security eco-system available."
Bicycle theft is a substantial and growing worldwide problem very difficult for law enforcement to address, often leading to and enabling further crimes. This acquisition aims to tackle the associated challenges head-on, unlocking the necessary funding to boost Project 529’s protective reach to more regions worldwide and fostering a culture of safety and vigilance within the cycling community.
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