Mercia backed the follow-on funding round as Enate appointed James Hall as its new chief executive officer.
"I am delighted that Mercia is delivering on their promise of being a long-term value-add partner to us. Mercia sees the successes clients such as TMF, CapGemini and LBG have with our technology. As a result, Enate is becoming ‘the’ platform for clients embarking on digital transformation and intelligent automation at scale and in their operations."
The Kent-based firm secured equity finance to fund international expansion and new product development.
"The need to have power to critical and remote locations without the reliance on fossil fuels is growing more acute by the day. We see this latest fundraise as just the start of another period of exceptional growth."
The funding follows an earlier private round and values the custom bicycle maker at £3.7m.
"Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands. This new funding will help us shift more people away from mass-produced equipment in favour of a better bike with perfect fit, fabrication, and finishing designed for individual performance needs."
The funding round was led by Furthr VC to support job creation and global growth.
"We are delighted to receive this funding from our investors, who share our excitement for the future of Ronspot. The team at Furthr VC have been working closely with us, offering valuable advice as we prepare for a period of rapid global growth."