FuroSystems raises £750,000 in seed funding for e-transport development

British e-Bike manufacturer FuroSystems has announced 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.

This £750,000 seed fund will allow the company to accelerate growth and R&D in order to become a key player in the electric transport future.

Eliott Wertheimer, CEO and co-founder, said: “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.”

Chris Smith, TSP Ventures CEO, said: “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.”

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 just 15kg, whilst the high-density removable lithium ion battery has a range of 55km. The product also features Shimano gears and hydraulic disk brakes.

In addition, 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.

Letty Wheeler, ClearlySo investment manager and responsible consumerism sector lead, said: “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.”

FuroSystems has also announced the launch of 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.

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.