Cambridge-based Flit, an engineering company that builds folding electric bikes for urban commuters, has raised £1.2 million in new funding.
With participation from ACF Investors, Cambridge Angels and former Head of Technical Development at British Cycling, Tony Purnell, this latest funding will be used to ramp up production of its latest model, the Flit M2, at its Cambridge facility.
Designed for urban mobility, Flit’s e-bikes are lighter and more compact than traditional e-bikes. At just 14.5kg, the M2 is designed to fit easily into train luggage racks, carry up stairs, and roll through city streets when folded.
Alex Murray, MD and co-founder of Flit, said: “As cycling enthusiasts, we wanted to help people find better ways to move around cities. Unlike traditional e-bikes that retrofit motors and batteries onto non-electric designs, we build from the ground up, integrating folding and electric capabilities from the start.”
A key innovation behind the M2 is Flit’s no-weld adhesive bonding technique, which is also used in aerospace and automotive engineering. “By applying aerospace-grade bonding techniques, we’ve eliminated the distortions caused by welding, resulting in a lighter, stronger, and more compact design,” states Murray.
Initially developed as a response to supply chain disruptions during COVID-19, the no-weld technique not only accelerates production times but also enhances structural precision, enabling a tighter, more compact fold and a 1kg weight reduction compared to a similar welded frame.
The folding electric bike market has seen significant growth in recent years due to the increased demand from urban commuters for space-saving options and was worth approximately £400 million in 2023.
Talking about the investment, Tim Mills, managing partner at ACF Investors, comments: “Flit is exactly the type of innovative UK business we look to support. The team has combined cutting-edge engineering with a deep understanding of urban mobility to develop a truly innovative product. Its unique approach to design and manufacturing positions them perfectly to capitalise on the growing e-bike market. We are pleased to be part of their journey as they scale production and bring the Flit M2 to more riders across the UK.”
Speaking directly to this last point, Murray notes: “Our mission has always been to make cycling easier and more accessible for urban commuters, and this funding allows us to take that mission to the next level with the Flit M2.”
This latest funding builds on an Innovate UK grant in 2023 and will “accelerate production and delivery of the Flit M2 to UK customers, which began in October 2024.”
