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ON THE FAST CHARGE
When it comes to plugging into funding for growth, electric vehicle charge point management platform Fuuse is definitely switched on.
In October the business announced that it had successfully raised a further £6m from existing investors on its journey towards profitability. It takes the amount raised by the business since 2022 to more than £16m.
The Lancaster-based software and services company was backed by Par Equity and YFM Equity Partners in the latest follow-on round of investment, on an increased valuation.
And that valuation was underpinned by revenues that have more than doubled since its last investment exercise in 2024.
The company says this latest injection of cash will be used to accelerate growth in key areas and to support the business through to profitability.
Fuuse, based at the White Cross Business Park in the city, is a charge point management system which allows organisations to control, manage and optimise their charging points in an easy-to-use platform. The business processes millions of pounds of charging payments for its customers.
Chief executive Michael Gibson says of the latest funding round: “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 to charge forward.”
Alastair Moore, investment director at Par Equity, explains the venture capital firm’s appetite for investment in the business. He says: “As the EV charging market accelerates, Fuuse has cemented itself as a clear leader – trusted and valued by their clients.
The Leeds headquartered private equity firm specialises in helping ambitious UK small businesses to scale up and accelerate growth.
Jonathan explains: “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.”
It’s all good positive stuff and little wonder Michael, who launched the business in 2021,
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 to charge forward
“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 YFM Equity Partners, says that Fuuse has built a scalable platform that is helping to shape the future of EV charging infrastructure and that is what makes it such an attractive proposition.
is in a bullish mood when he talks to Lancashire Business View.
He points to the rise in EV sales in the UK – up 29 per cent in September – and the drive towards electric vehicles that is backed by the government.
He also reveals that Fuuse grew by more than 100 per cent last year and highlights the huge potential for further growth moving forward.
He says: “More than 72,000 new EV cars were
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