Around 2500 keen cyclists took part in this year's Peaks Challenge throughout Alpine Shire's stunning high country on Sunday, 8 March.

Cyclists climbed Tawonga Gap, Mount Hotham and the back of Falls Creek in one of Australia's most difficult and picturesque cycling events, equivalent to a mountain stage of the Tour de France.

The event covered 235 kilometres with 4000 metres of climbing and a 13-hour deadline.

Mark O'Brien was the first cyclist to complete the challenge in just over six and a half hours.

The first female finisher was Matilda Raynolds, in just under eight hours.

Peaks Legends had collectively raised $54,150 as of Monday morning, thanks to 628 generous donations.

Bicycle Network CEO, Alison McCormack, who was a wave leader in this year's event, said it had been one to remember.

"Every year we return to the stunning Victorian alpine region to enjoy this incredible event," she said.

"This year, we welcomed a record number of riders to Falls Creek and enjoyed a day of perfect conditions: a cooler start lifting to sunshine.

"Our Peaks Legends raised over $50,000 for 'Ride2School': a massive win for making active transport more accessible and building healthy habits in the next generation.

"We would especially like to thank our top 20 fundraisers for their efforts in supporting this great cause."