E-bike manufacturer raises £750k in first funding round as demand kicks up a gear
A London e-bike manufacturer has announced that it has raised £750k after an increase in demand.
FuroSystems, which creates electric bikes and scooters, has closed its first venture funding round, with participation by TSP Ventures, investment bank ClearlySo and a number of angel investors.
The new funding will allow FuroSystems to accelerate growth and invest in R&D in order to create its next generation of products.
The company has seen an increase in demand since the coronavirus lockdown, with year-on-year sales up fivefold.
Eliott Wertheimer, CEO and co-founder, commented: “We’re currently experiencing a once-in-a-century shift in transport, thanks to an increasing awareness of the impact we are having on our environment along with a renewed desire to make healthier personal choices.
“Electric bikes and electric scooters are crucial to solving the mobility issues we see today, of congestion and pollution.
“FuroSystems makes high-tech, lightweight electric vehicles with a long range so people can take on their morning commute and travel around their cities with ease.
“We want to give people a new sense of freedom and independence to move around their city safely and sustainably.”
Chris Smith, TSP Ventures CEO, said: “TSP Ventures is delighted to be investing in FuroSystems.
“We strive to invest only in companies and entrepreneurs that serve the long-term wellbeing of people and of the Earth.
“Albert and Eliott are achieving this with their mission to help people move around cities with greater ease whilst reducing reliance on polluting vehicles.”
“The e-bike market has exploded in recent years with sales set to reach €10bn by 2025 and FuroSystems is at the intersection of this burgeoning industry. We are very much looking forward to working with Albert and Eliott and helping them take FuroSystems to new heights.”
ClearlySo investment manager and responsible consumerism sector lead, Letty Wheeler, commented: “Albert and Eliott have effectively leveraged growing consumer appetite for electric vehicles as a cleaner, healthier and more efficient solution for urban mobility.
“We were impressed immediately by FuroSystems’ high quality products, strong branding and cost-effective supply chain.
“This clearly resonated with our investors and we are excited to see how this funding will help Furo meet and scale the strong demand it has seen to date.”
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