Lancaster-based electric vehicle charge point management platform Fuuse has closed another round of investment funding which will drive its next chapter of growth.
The company secured £8.7m from lead investor YFM Equity Partners alongside existing investors Par Equity and an angel syndicate.
Fuuse, which now employs 60, has grown by 400 per cent in the last 12 months and now serves over 750 clients and over 70,000 active users.
The latest investment will be focused on scaling its enterprise product offer for charge point operators, destinations, fleets and workplace charging, as well as providing additional products and services for its network of solutions partners. Clients include SSE, Scottish Power, British Airways, Siemens, United Utilities and Arnold Clark.
The company also continues to work with companies such as Veolia and EDF in several grant-funded projects to optimise energy consumption and reduce costs through bi-directional charging or vehicle-to-grid (V2G).
This builds on an existing energy management system, which includes whole site energy monitoring, and a range of grid optimisation tools. Additionally, Fuuse is working with partners on wireless induction charging and extending charging to buses, HGVs and boats to further decarbonise transport.
Michael Gibson, Fuuse CEO said: "YFM's experience of working with innovation-led businesses has proved invaluable. The team immediately understood our vision and recognised our potential. With the backing of YFM, Par and our angel investors, we can continue to curate the future of EV infrastructure and help more customers to deliver an optimised, reliable and trusted EV charging experience.”
Andy Thomas, YFM partner, added: "We are thrilled to have joined Fuuse on the next stage of their journey. The company's software is designed to constantly evolve, helping to futureproof EV charging infrastructure."
Alastair Moore, senior investment manager at Par Equity, said “Since we first partnered with Fuuse in 2022, the company has seen dramatic growth, establishing itself as a market leader in the UK providing a robust, reliable software solution across the UK and Irish EV infrastructure and building a fantastic platform for international expansion.
"The majority of Par’s investment was provided through our new Scale-Up Fund, which is designed to support some of the most exciting B2B technologies emerging from the North of the UK and it’s very encouraging to see Fuuse join this cohort of rising stars.”
Boost has a designated Access to Finance team to advice Lancashire businesses on their funding options. To find out more, contact our Helpdesk.
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