Then, last year, came a third larger equity investment – an £8.7m Series A round led by YFM, again with support from existing investors.
Michael says that with the support the business continues to gain traction and adds: “The investments we have secured will support our growth ambitions.”
He adds “Raising capital is not easy, it is like going out and selling a book. Look at the number of publishers JK Rowling was rejected by before Harry Potter was accepted.
“In the early stages it is as much about you as a person as what you are trying to build; convincing would-be investors that you are the right person, that you are entrepreneurial. They are buying you, the person, at that stage.
“You have to get your story right and be good at telling that story, so that they understand you and understand your market.
Fuuse COO Nik Southworth, CEO Michael Gibson and CFO Sonia Davies
sold in September and all of those will use our services at some point. It’s a big market and it is only going to get bigger.”
Michael, who says all the funding rounds have been used to meet the company’s growth ambitions, adds that UK EV charging operators have committed to investing more than £6bn to expand the public charging network by 2030.
He says: “One of the things I am most proud of is that the business is based in Lancashire. Most of our competitors are in major European or US cities, we are in Lancaster, delivering job opportunities locally and a vital part of this country’s infrastructure.”
To that end it has worked in partnership with organisations such as Scottish Power, SSE and United Utilities to deliver better charging experiences.
Over the past 18 months, Fuuse has achieved several impressive milestones, including a national public charge point rollout with the UK’s largest car dealership Arnold Clark. There has been growth into new markets in Italy and Sweden.
Fuuse also acquired the assets of Everyday EV, a UK-based service and support provider and now handles more than 150,000 calls a year from UK drivers.
It provides them with first-hand insight to continually improve their charging experience and strengthen the brand reputation of its charge point operator clients.
Recognising all that activity and progress, the business was named as one of the UK’s fastest-growing software companies by GP Bullhound, the leading tech-focused corporate finance advisor.
The company, which now employs around 80, had taken three lots of equity investment before this latest fundraising round. And before attracting external backing, it won an Innovate UK grant in 2020 to support its very early-stage development.
When it did embark on its funding journey, Fuuse initially set out to raise £500,000 in pre-seed cash. However, it did even better, succeeding in securing £1.7m in 2022 from
Edinburgh based venture capital firm Par Equity and a group of angel investors.
That was followed by a £2.2m follow-on seed round from that same group of investors.
Expert View
BUILDING YOUR WAY TO GROWTH By David Filmer,
Partner and head of corporate, Forbes
The ‘buy and build’ model has become a key strategy for private equity and corporate growth.
It typically involves acquiring a strong ‘platform’ business and speeding up growth through targeted ‘bolt-on’ acquisitions.
The benefits are clear through its ability to, typically, achieve greater scale, market penetration, and synergies than organic growth alone. However, the success of a buy and build relies heavily on careful legal execution.
From the beginning, a robust merger and acquisition framework is crucial. Due diligence should be proportionate and focus on risks that could hinder integration or undermine the investment thesis.
Sale agreements need to address risk allocation through warranties, indemnities, and, increasingly, the need for warranty and indemnity insurance on the buy-side. Earn-outs and management incentives help align key personnel.
Regulatory issues are also critical. Consolidation in fragmented markets may trigger UK or EU merger control or sector-
specific approvals, such as in financial services, healthcare, or technology. Early regulatory mapping can prevent delays that may hinder deal momentum.
Financing arrangements should be set up with repeat transactions in mind. This allows for accordion features or acquisition facilities while ensuring protection of covenants. Governance frameworks also need attention. Boards and shareholder agreements must allow for quick approval of acquisitions while protecting minority rights.
Finally, integration should not be an afterthought. Transitional services, employee harmonisation, brand/IP migration, and intra-group reorganisations all require thorough legal planning to achieve the anticipated synergies – ultimately, the exit horizon for the main investment should always be kept in mind.
For clients, the buy and build approach presents attractive opportunities but it also brings increased legal complexity. Coordination is essential to preserve value, manage risk, ensure steady growth and plan for any potential views to exit.
LANCASHIREBUSINES SV
IEW.CO.UK
“Take Dragons’ Den. If you are not convincing or don’t have the statistics and numbers about your potential market place and don’t show what your experience is or what you’re are capable of delivering, you are not going to get that money.”
He says of investors: “They will get massive returns if they pick the right business. You need to show them you have that capability.”
2026 CATEGORIES
AI and Tech Innovation Award NEW Built Environment Award Commitment to Skills Award
Creative Business Award NEW Customer Service Award
Deal of the Year Award NEW Design Award Digital Award
Employer of the Year Award
Environmental, Social and Governance Award Export Award
Family Business Award Large Business Award Made in Lancashire Award Medium Business Award Micro Business Award New Business Award Not-for-profit Award
Professional Services Award Scale-Up Award Small Business Award
Tourism, Leisure and Hospitality Award Transformation Award
Transport and Logistics Award
31
DEALMAKERS
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70
