Electric vehicle charge point management platform Fuuse has raised a further £6 million from existing investors as it continues its growth.
The Lancaster-based software and services company was backed by its existing investors, Par Equity and YFM Equity Partners, with a round of investment on an increased valuation, underpinned by more than doubling recurring revenues since its last investment.
The funding will be used to accelerate growth in key areas and support the business through to profitability, it said.
Over the past 18 months, Fuuse has delivered a national public charge point rollout with the UK’s largest car dealership Arnold Clark, as well as the transition and growth of one of the UK’s leading charge point operators Be.EV. In addition, it has grown into new markets in Italy and Sweden, and also acquired the assets of Everyday EV.
The platform now handles over 150,000 calls a year from UK EV drivers, providing first hand insight to “continually improve the charging experience and strengthen the brand reputation of its charge point operator clients”, it added.
Michael Gibson, CEO at Fuuse, said:
“This is a huge endorsement of the team at Fuuse and our long-term strategy. Taking this additional funding now gives us the resource to build on the great work the team has delivered and charge forward.”
Alastair Moore, Investment Director at Par Equity, said:
“As the EV charging market accelerates, Fuuse has cemented itself as a clear leader – trusted and valued by their clients. We back the North’s most ambitious businesses, and Fuuse is a standout example.
“After an exceptional period of growth, we’re proud to be continuing to support Mike and the Lancaster-based team as they power through the next stage of their journey.”
Jonathan Marlow, Partner at YFM Equity Partners, said:
“Fuuse continues to go from strength to strength. The team has built a scalable platform that’s helping shape the future of EV charging infrastructure in the UK and beyond.
“This follow-on investment reflects our continued confidence in both the business and its leadership as they deliver on their mission to make EV charging smarter, more efficient, and more accessible.”
Image courtesy of Fuuse
