Fuuse raises £2.5m led by Par Equity to scale its electric vehicle charging platform
The investment round was led by Par Equity and will support sales growth and product development.
Fuuse develops a software platform designed to manage and optimise electric vehicle charging infrastructure for various organisations. Based in Lancaster, the firm helps clients oversee charging networks, payments, and energy consumption.
EV charge point management platform Fuuse has secured £2.5m in follow on funding led by Par Equity. The round includes backing from a network of private investors and entrepreneurs with expertise in the automotive, energy, and technology sectors. The capital will be directed towards growing sales and support teams to meet rising demand and expand operations.
This investment follows a period of commercial momentum for the business, which recently secured contracts with enterprises such as British Airways, Suez, and United Utilities. The company also intends to use the funds to enhance innovation and product functionality for fleets and charge point operators as the electric vehicle market continues to evolve.
From the founder
"Fuuse is rapidly growing it’s market leading enterprise solution for EV charging as we continue our path to profitability. We have a robust pipeline of new projects with some major announcements to follow. We’re also building the foundations for the next wave of the EV revolution through our grant-funded innovation projects and we’re delighted to be ready to address the future demand we see coming down the road with the further support from our investors. The future is very encouraging and we are ready at the helm to strengthen our foothold in the UK, expand our offering in Ireland and springboard into new international markets by the end of the year."
Michael Gibson
CEO at Fuuse
Investor perspective
"Fuuse continues to make incredible progress in establishing itself as a leading name in EV software, which is now the driving force in the wider EV charging market. As EV adoption ramps up it is essential that EV infrastructure owners and operators are ready and able to meet the needs of drivers, while managing the energy demand on the grid. With around 600 chargepoint connections needing to be installed every week through to 2030 in the North alone ahead of the ban on petrol and diesel vehicles, Fuuse is now expertly placed as the partner to large enterprises and public sector organisations as they scale their own EV infrastructure. At Par Equity we have been inspired by the team’s constant innovation and ability to lead the market with new features that deliver further benefits to customers as the EV charging market evolves. We are incredibly excited to see where Fuuse goes from here."
Alastair Moore
Senior Investment Manager, Par Equity
Use of funds
- 01Invest in sales and marketing
- 02Continue product development