FuroSystems raises £750,000 to accelerate growth into the electric transport industry
The London-based brand joins the cycling revolution with news of its latest funding round, supporting improved mobility and cleaner air in cities.
London, United Kingdom – FuroSystems, a British electric vehicle brand announces that it has successfully secured £750,000 in equity funding with support from Europe’s leading impact investment bank – ClearlySo, TSP Ventures and angel investors. The funding will enable the company to develop and expand its product line of e-bikes and e-scooters, grow its team, and strengthen its position in the future of transport solutions tackling mobility issues particularly felt in urban areas and cities.
According to transport data firm Inrix, congestion on UK roads cost the economy almost £8 billion in 2018, an average of £1,317 per driver, not to mention hundreds of lost hours every year. The implications of road transport on the environment are even more alarming, accounting for 22% of total UK emissions of carbon dioxide (CO2), contributing significantly to the growing threat of climate change.
With climate change and global warming increasingly at the forefront of discussions, highlighted in mainstream media by the environmental activist, Greta Thunberg and release of documentaries and films such as David Attenborough’s recent ‘Life On Our Planet’, FuroSystems offers sustainable transport solutions that are faster, cheaper and cleaner than traditional motor vehicles on our roads. The company boasts a carbon footprint of 18g compared with 292g per mile for a car, addressing urban mobility issues in the modern world and its environmental impact. FuroSystems’ positive impact is especially reinforced in times of COVID-19, where the ecommerce business has already seen a surge in demand for its products, as they enable social distancing and help avoid contact while commuting.
Eliott Wertheimer, CEO and co-founder of FuroSystems, stated: “We’re currently experiencing a once-in-a-century shift in transport, thanks to an 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.”
Letty Wheeler, investment manager and responsible consumerism sector at ClearlySo, 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 FuroSystems meet and scale the strong demand it has seen to date.”
Notes to the Editors
FuroSystems is the direct to consumer brand for elegant, practical and high-performance electric vehicles. With a focus on sustainable urban mobility, the British manufacturers creates practical and beautifully designed electric bikes and scooters that will transform how people move around cities. FuroSystems was founded in 2017 by Albert Nassar and Eliott Wertheimer, and is headquartered in West London, where FuroSystems range of e-bikes and e-scooters is designed.
ClearlySo is Europe’s leading impact investment bank, working exclusively with businesses, charities, and funds delivering positive social, ethical, and/or environmental impact as well as financial return.
Originally founded in 2008 and headquartered in London, ClearlySo has helped high impact enterprise and fund clients in raising more than £450 million of capital in over 200 transactions, from its extensive network of institutional and individual investors.