Fuuse, the Lancashire electric vehicle charging platform, which is headquartered at the Fraser House co-working hub in Lancaster, has recently raised £8.7m in a new funding round.

The investment – which has come from lead investor YFM Equity Partners, existing investors Par Equity, and an angel syndicate – will help to fund growth in the UK and Ireland.

As part of the expansion the business is looking to grow its team by an additional 17 staff, taking its total workforce to nearly 80. The new investment will also help Fuuse focus on building its network, provide a wider range of charging solutions, and enhance its customer support centre.

Fuuse currently serves over 750 clients and has over 70,000 active users. Clients include SSE, Scottish Power, British Airways, Siemens, United Utilities and Arnold Clark.

Fuuse founder Michael Gibson – who is a member of the Lancashire Innovation Board and great advocate of the Lancashire Innovation Plan – said of the funding: “With the backing of YFM, Par and our angel investors, we can continue to curate the future of EV infrastructure and help more customers to deliver an optimised, reliable and trusted EV charging experience.”  

Andy Thomas, YFM Partner, said: “The company’s software is designed to constantly evolve, helping to futureproof EV charging infrastructure. It’s a comprehensive product that can serve the differing needs of a range of customers, which places it in an advantageous position going forward. It’s led by a strong management team, with a clear vision and sophisticated strategic approach, which will be crucial to its future success.”

Alastair Moore, Senior Investment Manager at Par Equity, said “Fuuse has seen dramatic growth, establishing itself as a market leader in the UK providing a robust, reliable software solution across the UK and Irish EV infrastructure and building a fantastic platform for international expansion.  The majority of Par’s investment was provided through our new Scale-Up Fund, which is designed to support some of the most exciting B2B technologies emerging from the North of the UK and it’s very encouraging to see Fuuse join this cohort of rising stars.”

Hot on the heels of the funding announcement, Fuuse revealed the appointment of Paul Brennan as its new board Chair. His career includes a successful tenure at IBM, where he held roles in sales and engineering, and CEO of Metamerge, where he led the company through a sale to IBM.

Over the past two decades, Paul has also chaired numerous companies, completing 25 funding rounds, seven acquisitions, and nine exits.

For more about Fuuse, and to read its recent news announcements in full, visit https://fuuse.io/blog