Electric vehicle (EV) charge point software platform Fuuse has raised a £6m investment from its existing investors, to support growth and profitability.
Fuuse said that recurring revenues have more than doubled since its last investment.
Based on an increased valuation, the raise was backed by Par Equity and YFM Equity Partners.
Michael Gibson (pictured, centre), 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.”
Fuuse’s platform has been adopted by Arnold Clark’s charging network and has supported the rapid growth of Be.EV’s network.
It has also expanded into Italy and Sweden and was recognised as one of the UK’s fastest growing software companies by GP Bullhound.
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.”
Alastair Moore, investment director at Par Equity, said: “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.”
