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Thursday, June 13, 2024

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

Fuuse, the leading electric vehicle charge point management platform in the UK, has secured significant funding to propel its growth in the UK and Ireland.

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

Based in Lancaster with over 60 employees, Fuuse has seen a 400% growth over the past 12 months, now serving over 750 clients and 70,000 active users. The platform processes enough electricity each year to power the entire UK for an hour and handles millions in charging payments.

The investment will be used to scale Fuuse’s enterprise product offerings, providing a reliable and trusted charging experience for charge point operators, destinations, fleets, and workplace charging. It will also enhance products and services for its network of solution partners. Key clients include SSE, Scottish Power, British Airways, Siemens, United Utilities, and Arnold Clark.

Fuuse continues to lead in innovation, partnering with companies like Veolia and EDF on grant-funded projects to optimise energy consumption and reduce costs through bi-directional charging or vehicle-to-grid (V2G) technology. This builds on their existing energy management system, which includes comprehensive site energy monitoring and various grid optimisation tools. Additionally, Fuuse is working on wireless induction charging and extending charging capabilities to buses, HGVs, and boats, aiming 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.”

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