Fuuse has secured £8.7 million investment to power its software for electric vehicle charging.

YFM Equity Partners and Par Equity, alongside an angel syndicate, provided the growth capital for the Lancaster-based business.

Launched in 2021, Fuuse was created to help make EV transition straightforward and encourage more people to go electric.

The company’s flexible EV charge point management software platform is built to open standards and compatible with OCPP compliant hardware. 

Offered on a white label basis, Fuuse software enables a broad range of customers, in both the public and private sector, to deliver their EV objectives. 

“YFM’s experience of working with innovation-led businesses has proved invaluable,” said Michael Gibson, Fuuse CEO. “The team immediately understood our vision and recognised our potential. 

“With YFM’s backing we can now continue to curate the future of EV infrastructure and help more customers to deliver an optimised EV charging experience. Importantly, through the further proliferation of our cutting-edge technology, we will also support the transition to zero emissions.”

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Andy Thomas, partner at YFM, added: “We are thrilled to have joined Fuuse on the next stage of their journey. The company’s software is designed to constantly evolve, helping to futureproof EV charging infrastructure. 

“It’s a comprehensive product that can serve the differing needs of a range of customers, which places it in an advantageous position going forward.

“The business is supported by a strong management team, with a clear vision and sophisticated strategic approach – which will be crucial to its future success and will enable responsiveness in a fast-growing market. 

“We are confident that, with our support, Fuuse can take full advantage of emerging opportunities.”

Alastair Moore, senior investment manager at Par Equity, said: “Since we first partnered with Fuuse in 2022, the company has seen dramatic growth, establishing itself as a market leader in the UK providing a robust, reliable software solution across the UK’s EV infrastructure and building a fantastic platform for international expansion. 

“The majority of Par’s investment was provided through our new Scale-Up Fund, which is designed to support some of the most exciting B2B technologies emerging from the North of the UK and it’s very encouraging to see Fuuse join this cohort of rising stars.”

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