Early-stage venture capital firm Par Equity has led a £2.5m investment into the Lancaster-based startup Fuuse for its EV charging management software.
Founded in 2021, Fuuse’s software allows operators to manage their EV charging infrastructure by controlling access, use times and setting tariffs.
Michael Gibson, CEO of Fuuse, said: “Fuuse is rapidly growing its 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.”
Fuuse’s charging software is already used by SSE, British Airways and United Utilities to manage their EV chargers.
Funding for the mobility startup comes after it secured nearly £200,000 in grant funding from the Department for Energy Security and Net Zero in January for its fleet DC microgrid solution.
Alastair Moore, senior investment manager of Par Equity said: “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 the £2.5m, Fuuse plans to grow its presence in the UK and Ireland and enter new oversee markets before the end of the year. The company will further expand its sales and support departments.