British e-bike manufacturer FuroSystems has raised £750,000 in seed funding, with TSP Ventures, ClearlySo and a number of angel investors participating in the round.
The company, which creates high-end electric bikes and electric scooters, has seen demand surge since the COVID-19 lockdown from an already high growth rate, with year-on-year sales up fivefold.
The funding will allow FuroSystems to accelerate growth and invest in R&D in order to create the next generation of products.
FuroSystems’ hero product is the Furo X folding e-bike. Designed in the UK, the carbon fibre frame makes it “one of the lightest e-bikes in the world”, weighing 15kg, while the high-density removable lithium-ion battery has a range of 55km.
As well as putting in place waitlists to help with demand for Furo X and Fuze, FuroSystems is announcing its new urban electric bike, Aventa. It will be available to pre-order from FuroSystems.com at the end of the month.
“We’re currently experiencing a once-in-a-century shift in transport, thanks to an increasing awareness of the impact we are having on our environment along with a renewed desire to make healthier personal choices,” said CEO and co-founder Eliott Wertheimer.
“Electric bikes and electric scooters are crucial to solving the mobility issues we see today, of congestion and pollution. FuroSystems makes high-tech, lightweight electric vehicles with a long-range so people can take on their morning commute and travel around their cities with ease. We want to give people a new sense of freedom and independence to move around their city safely and sustainably.”
TSP Ventures CEO Chris Smith added: “TSP Ventures is delighted to be investing in FuroSystems. We strive to invest only in companies and entrepreneurs that serve the long-term wellbeing of people and of the Earth. Albert and Eliott are achieving this with their mission to help people move around cities with greater ease whilst reducing reliance on polluting vehicles.
“The e-bike market has exploded in recent years with sales set to reach €10 billion by 2025 and FuroSystems is at the intersection of this burgeoning industry. We are very much looking forward to working with Albert and Eliott and helping them take FuroSystems to new heights.”
Read the November issue of BikeBiz below: