Electric vehicle charge point management platform Fuuse has raised a further £6 million from existing investors as it continues its rapid growth.
The Lancaster-based software and services company secured backing once again from Par Equity and YFM Equity Partners, with the new round coming at an increased valuation after Fuuse more than doubled its recurring revenues since the last investment.
The latest funding will be used to accelerate growth in key areas and support the business through to profitability.
READ MORE: STV News proposal called “cultural vandalism” by National Union of Journalists
Michael Gibson, CEO at Fuuse, said: “This is a huge endorsement of the team at Fuuse and our long-term strategy. Taking this additional funding now gives us the resource to build on the great work the team has delivered and charge forward.”
Alastair Moore, Investment Director at Par Equity, added: “As the EV charging market accelerates, Fuuse has cemented itself as a clear leader – trusted and valued by their clients. We back the North’s most ambitious businesses, and Fuuse is a standout example. After an exceptional period of growth, we’re proud to be continuing to support Mike and the Lancaster-based team as they power through the next stage of their journey.”
Jonathan Marlow, Partner at YFM Equity Partners, said: “Fuuse continues to go from strength to strength. The team has built a scalable platform that’s helping shape the future of EV charging infrastructure in the UK and beyond. This follow-on investment reflects our continued confidence in both the business and its leadership as they deliver on their mission to make EV charging smarter, more efficient, and more accessible.”
Over the past 18 months, Fuuse has hit several key milestones, including a national public charge point rollout with Arnold Clark, the UK’s largest car dealership; supporting the growth of charge point operator Be.EV; and expanding into new markets in Italy and Sweden.
The company also acquired the assets of Everyday EV, now handling over 150,000 calls a year from UK EV drivers — giving it valuable first-hand insights to improve the charging experience and strengthen the reputation of its charge point operator clients.
Fuuse was recently recognised as one of the UK’s fastest-growing software companies by GP Bullhound, the tech-focused corporate finance advisor.
Founded in 2021, Fuuse’s platform enables organisations to control, manage and optimise their EV charge points, helping owners to maximise efficiency and energy use. Based in Lancaster, the company works with major partners including Scottish Power, SSE and United Utilities, and recently joined ChargeUK, the leading trade body for the EV industry.
