Organised by the Larnach chapter of BNI, an international business networking organisation, the riders began at Middlemarch at 9am and pedalled to Ranfurly under a scorching sun.
Organiser Steve Lawton, a Dunedin mechanic, said the ride had begun as a weekend away with his partner, Janet Anderson.
Then, after talking to some fellow Larnach BNI members, it was decided to make it an event.
Other chapters nationwide heard about the challenge and its aim to raise money for the hospice.
People from as far away as Auckland joined in the ride.
''It's just taken off. It's fantastic,'' he said.
''From small beginnings, it has really grown.''
Riders paid a $100 registration fee, ''every penny'' of which will go to the hospice, as well as some donations.
Some riders have been sponsored by businesses, ones they are involved in or their clients.
All riders will make their way to Alexandra today and 12 of them will make the return cycle journey, the ''Full Monty'' to Middlemarch, over tomorrow and Sunday.
Ms Anderson said the final fundraising tally would not be known until midweek. Mr Lawton said it was hoped it would become an annual event.
''This is a test case and the potential is just awesome.''
It was hoped they could make it more of a national event, maybe cycling in a different region and being billeted by other BNI chapters.
