The event, run by social entrepreneur networking website UnLtdWorld, will raise money for social enterprises and charities.
Thirty teams of up to three people can secure their places on the starting grid in Shoreditch on 31 August by securing the most donations before 14 August.
"It's the charity marathon for the YouTube generation," said Alberto Nardelli, chief strategist at UnLtdWorld. He said the race would combine "the glamour of Monaco, the endurance of Le Mans and the idiocy of adults attempting a race on children's toys".
The race is a relay, so teams can change riders at pit-stops. Nardelli said committed cyclists should not enter on their own. "When I was testing it, I almost died after the first lap," he said.
To enter, go to www.shoreditchgrandprix.com.