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Saturday, June 15, 2024

Fuuse Closes £8.7m Series A Funding Round to Accelerate EV Charging Expansion

Fuuse, the UK’s premier electric vehicle charge point management platform, has secured significant funding to fuel its next stage of growth across the UK and Ireland.

This investment was led by YFM Equity Partners, alongside contributions from existing investors Par Equity and an angel syndicate.

Headquartered in Lancaster and with over 60 employees, Fuuse has grown by 400% over the past year and now supports over 750 clients and 70,000 active users. The platform processes sufficient electricity annually to power the entire UK for an hour and manages millions in charging payments.

The new funding will be directed towards expanding Fuuse’s enterprise product offerings, which ensure a reliable and trusted charging experience for charge point operators, destinations, fleets, and workplace charging. It will also bolster additional products and services for its network of solutions partners. Notable clients include SSE, Scottish Power, British Airways, Siemens, United Utilities, and Arnold Clark.

Fuuse is also at the forefront of innovation, collaborating with companies like Veolia and EDF on grant-funded projects to optimise energy consumption and lower costs through bi-directional charging or vehicle-to-grid (V2G) technology. This complements an existing energy management system that includes comprehensive site energy monitoring and various grid optimisation tools. Additionally, Fuuse is extending its charging solutions to buses, HGVs, and boats, aiming to further decarbonise transport.

Michael Gibson, Fuuse CEO, remarked: “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, commented: “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 Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. 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.
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