14 C
Manchester
Saturday, June 22, 2024
BusinessFuuse Secures £8.7m Series A Funding to Drive Growth in EV Charging

Fuuse Secures £8.7m Series A Funding to Drive Growth in EV Charging

Fuuse, the UK’s leading electric vehicle charge point management platform, has secured substantial funding to advance its next phase of growth in the UK and Ireland.

The investment was led by YFM Equity Partners, with additional funding from existing investors Par Equity and an angel syndicate.

Based in Lancaster and employing over 60 staff, Fuuse has experienced a 400% growth in the last 12 months and now serves over 750 clients and more than 70,000 active users. The platform processes enough electricity annually to power the entire UK for an hour and handles millions in charging payments.

The investment will focus on scaling Fuuse’s enterprise product offerings, which provide a trusted and reliable charging experience for charge point operators, destinations, fleets, and workplace charging. It will also enhance products and services for its network of solution partners. Clients include SSE, Scottish Power, British Airways, Siemens, United Utilities, and Arnold Clark.

The company continues to innovate, partnering with firms such as Veolia and EDF on grant-funded projects aimed at optimising energy consumption and reducing costs through bi-directional charging or vehicle-to-grid (V2G) technology. This builds on an existing energy management system that includes whole site energy monitoring and various grid optimisation tools. Additionally, Fuuse is working on wireless induction charging and extending charging solutions to buses, HGVs, and boats to further decarbonise transport.

Commenting on the investment, 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. It’s a comprehensive product that can serve the differing needs of a range of customers, which places it in an advantageous position going forward. Fuuse is led by a strong management team, with a clear vision and sophisticated strategic approach which will be crucial to its future success and will enable responsiveness in a fast-growing market. We are confident that, with our support, Fuuse can take full advantage of emerging opportunities.”

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.”

Sam Allcock
Sam Allcock
With over 20 years of experience in the field SEO and digital marketing, Sam Allcock is a highly regarded entrepreneur. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
Latest
Subscribe to our newsletter
Business Manchester will use the information you provide on this form to be in touch with you and to provide updates and marketing.
Don't miss

More News