Fuuse charges ahead with £6 million boost

A Lancaster-based EV software firm is accelerating growth on its path to profitability.

Fuuse, a platform that manages and optimises electric vehicle (EV) charge points, has secured an additional £6 million from existing investors, Par Equity and YFM Equity Partners. 

The investment comes at an increased valuation, reflecting more than a doubling of the company’s recurring revenues since its last funding round.

Founded in 2021, Fuuse works with organisations such as Scottish Power, SSE and United Utilities, while the firm recently joined ChargeUK, the leading trade body for the EV industry.

Its platform enables charge point owners to optimise energy use and manage operations efficiently. 

Bosses say the latest funding will be used to expand operations in key areas and support Fuuse’s journey to profitability. 

Michael Gibson, chief executive 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, added: “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, added: “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.”

Over the past 18 months, the firm has achieved several milestones, including a national public charge point rollout with car dealership Arnold Clark, as well as the rapid growth of Be.EV, a leading charge point operator. 

Fuuse has also expanded internationally into Italy and Sweden and has acquired the assets of Everyday EV, enabling the company to handle over 150,000 annual calls from UK EV drivers.

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