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The funds will go towards Brain Tumour Research, which is the national charity at the forefront of the campaign to increase funding to find a cure for brain tumours.
The Brain Tumour Research Randonnee will take place around the Isle of Wight on Sunday, July 15Â and many of those already signed up have been affected by the disease.
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Hide AdOrganiser Simon Tier, 50, a project manager from Fareham, has lost several friends to brain tumours and is keen to participate in the upcoming challenge. He said: '˜I set up the Randonnee last year and would recommend it to anyone wanting to undertake a fundraising challenge.
'˜I hope to inspire others to join our team in raising awareness for this awful disease, which has been so poorly underfunded for too long.
'˜For those undertaking RideLondon two weeks later, this challenge is perfect as a final training ride.'
Riders will set off from Fishbourne before heading around the Island, receiving refreshments at Bembridge and Yarmouth, and finishing 68 miles later back at the start.
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Hide AdParticipants feeling particularly ambitious can also attempt a 136-mile Ultra Route.
Owen Giles, 43, an engineer from Sandown, Isle of Wight, is also participating in the challenge as his dad was diagnosed with a secondary brain tumour this year.
He said: '˜After my dad's diagnosis and having learned about the underfunding for research into brain tumours, I decided to sign up for the Randonnee.
'˜My aim is to raise £500 and, as a keen cyclist, I am looking forward to completing the ride around the Island where I live.'
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Hide AdTim Green, community fundraising manager for the Brain Tumour Research charity, said: '˜For too long, brain tumours have been a neglected cancer and we cannot allow this desperate situation to continue.'
'˜We are extremely grateful to Simon and other riders for their support and would like to encourage others to take part in this event.'
For more information, or to sign-up to the event, visit: https://www.active.com/isle-of-wight/cycling/brain-tumour-research-randonnee-2018 Â
To make a donation to Brain Tumour Research via the team's JustGiving pages, go to:https://www.justgiving.com/teams/btrr17
https://www.justgiving.com/fundraising/owengiles