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.

“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.

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, 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 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.

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.

“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."