Maeving, an electrical motorbike maker based mostly within the West Midlands, has secured an £11m Collection A funding because it seems to be to broaden to the US.
The Coventry-headquartered agency designs and manufactures the electrical automobiles with detachable batteries that may be charged from customary plug sockets.
Having beforehand acquired a seed funding in 2020, Maeving is getting ready for a interval of fast growth with the brand new spherical after a stable 12 months of monetary development that noticed its income quadruple to £5.9m on the finish of 2024.
The brand new funds, that are break up between an fairness funding and a £3m working capital facility from HSBC UK, will help the corporate’s US operations, which already account for 40% of its gross sales in 2025.
“We now have assembled a extremely skilled staff, designed a number of market-leading merchandise, and we now have constructed a scalable manufacturing operation. Now this funding, alongside facility from HSBC UK, offers us the gas to make Maeving a world model,” mentioned co-founder Will Stirrup.
“We need to develop our market share within the US, the place we’re seeing extraordinary demand, and to additional develop our R&D services to allow us to proceed disrupting and innovating on this fast-growing transport sector. It’s a really thrilling time for Maeving.”
The Collection A funding got here from Elbow Seaside, Venrex, Future Planet Capital and a handful of angels.
“At HSBC UK, we’re dedicated to serving to bold companies develop via sensible, well-structured monetary help,” mentioned Andy Farmer, senior company relationship director at HSBC UK.
“This facility displays our perception in Maeving’s potential and we’re wanting ahead to persevering with the partnership as they enter into new markets and make investments additional of their R&D capabilities.”
