British e-bike manufacturer FuroSystems is today announcing it has closed its first venture funding round, with participation by TSP Ventures, Europe’s leading impact investment bank, ClearlySo as well as a number of angel investors.
The company, which creates high-end electric bikes and electric scooters, has seen demand surge since the coronavirus lockdown from an already high growth rate, with year-on-year sales up fivefold. Despite being profitable since inception, the funding will allow FuroSystems to accelerate growth and invest in R&D in order to create the next generation of products, as it seeks to be a leader in the new electric transport-powered future.
FuroSystems’ hero product is the Furo X folding e-bike. Designed in the UK, the carbon fibre frame makes it one of the lightest e-bikes in the world, weighing a mere 15kg, whilst the high-density removable lithium ion battery has a range of 55km. With Shimano gears and hydraulic disk brakes, the Furo X competes with Gocycle and Brompton at a more affordable price for the consumer.
FuroSystems has also designed and manufactured the Fuze, a versatile, high-end e-scooter with over 800W of available peak power, though the top speed can be limited to 15.5mph/25kph depending on local legislation. The scooter features double front and rear suspensions and dual mechanical disc brakes, alongside a host of safety features, such as a remote key lock and alarm system, including reinforced inflatable pneumatic 10” wheels for a safe and supportive ride. Altogether, this provides a better performance than offerings from mass-market competitors. The e-scooter is designed to comply with the regulations surrounding the expected legalisation of privately-held e-scooter use on public roads, with the power and top-speed able to be adjusted to comply with local regulations.
FuroSystems had already established itself as a challenger brand in the mobility space prior to 2020, however, once lockdown eased demand spiked for the company’s e-bikes and e-scooters, with sales reaching five times more than last year. As well as putting in place waitlists to help with demand for Furo X and Fuze, FuroSystems is announcing its new urban electric bike, Aventa. Made with aerospace-grade alloys and the same boost tech found on the Furo X, the combination of hydraulic disk brakes, nine gears and a high performance clutch making it a dream to ride as an e-bike or a manual.
The integrated 504Wh battery only adds to the sleek design, and helps to keep the weight of the bike below 17kg. Prices for the Aventa will start at £1,399 and it will be available to pre-order from FuroSystems.com at the end of the month – the range of bikes and e-scooters will also be available across Europe. The company is continuing to develop its next-generation of ultra light weight e-bikes and e-scooters for 2021.
CEO and co-founder Eliott Wertheimer, commented: “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.”
TSP Ventures CEO Chris Smith, commented: “TSP Ventures is delighted to be investing in FuroSystems. We strive to invest only in companies and entrepreneurs that serve the long-term wellbeing of people and of the Earth. Albert and Eliott are achieving this with their mission to help people move around cities with greater ease whilst reducing reliance on polluting vehicles.” “The e-bike market has exploded in recent years with sales set to reach €10 billion by 2025 and FuroSystems is at the intersection of this burgeoning industry. We are very much looking forward to working with Albert and Eliott and helping them take FuroSystems to new heights.”
ClearlySo investment manager and responsible consumerism sector lead, Letty Wheeler, 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 Furo meet and scale the strong demand it has seen to date.”
The team has a strong experience in engineering and deep-tech. Founders Albert Nassar and Eliott Wertheimer met whilst studying mechanical and aerospace engineering respectively at the University of Bristol. Nassar went on to work with the autonomous drone inspection team at the Bristol Robotics Laboratory which later spun-out as Perceptual Robotics, whilst Wertheimer developed small nuclear batteries for tiny satellites in partnership with the European Space Agency and different UK universities. After reuniting at Imperial College’s Business School in 2015, the duo decided to use everything they’d learned to create a new type of mobility company.