After being bootstrapped for almost 3 years, British e-bike startup FuroSystems bags £750K
Investors are pouring money into e-scooter and e-bike startups as the COVID-19 pandemic and social distancing escalated the popularity of urban mobility to help consumers move around the city. According to the report, the e-bike market size in Europe is expected to grow over 2.35 million units during 2020-2024.
Right now, there are a lot of e-bike companies out there trying to make a difference and one among them is British e-bike startup FuroSystems. Headquartered in West London, FuroSystems creates high-end electric bikes and scooters.
Raised £750K seed fund
In the latest development, the company raised a £750K seed fund with participation by TSP Ventures, ClearlySo, as well as a number of angel investors. The proceedings will be used to accelerate growth and invest in R&D in order to create the next generation of products.
According to FuroSystems, the sales of lightweight folding e-bikes and electric scooters have been growing in Europe over the past few years, with a post-lockdown surge in demand the company aims to further cement its market position.
Furo X, the folding e-bike
To date, FuroSystems’ flagship product is 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 a mere 15kg, whilst the high-density removable lithium-ion battery has a range of 55km. With Shimano gears and hydraulic disk brakes, the Furo X competes with Gocycle and Brompton at a more affordable price for the consumer.
Fuze, the e-scooter
The company has also designed and manufactured the Fuze, a versatile, high-end e-scooter with over 800W of available peak power, though the top speed can be limited to 15.5mph/25kph depending on local legislation.
Besides, Furo X and Fuze, the company is announcing its new urban electric bike, Aventa. It is made out of aerospace-grade alloys and features the same boost tech found on the Furo X. The integrated 504Wh battery only adds to the sleek design and helps to keep the weight of the bike below 17kg. Prices for the Aventa will start at £1,399 and it will be available to pre-order from FuroSystems.com at the end of the month.
CEO and co-founder Eliott Wertheimer, commented: “We’re currently experiencing a once-in-a-century shift in transport, thanks to increasing awareness of the impact we are having on our environment along with a renewed desire to make healthier personal choices. 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, commented: “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.”
ClearlySo investment manager and responsible consumerism sector lead, Letty Wheeler, commented: “Albert and Eliott have effectively leveraged growing consumer appetite for electric vehicles as a cleaner, healthier and more efficient solution for urban mobility. We were impressed immediately by FuroSystems’ high-quality products, strong branding, and cost-effective supply chain. This clearly resonated with our investors and we are excited to see how this funding will help Furo meet and scale the strong demand it has seen to date.”
FuroSystems was founded in 2017 by Albert Nassar and Eliott Wertheimer, who respectively have backgrounds in both aerospace and robotics.