British electronic motorcycle maker Maeving can grow £8 million for growth and overseas expansion
British electric motorcycle maker Coventry Maeving has raised £8 million in new funding to expand production, accelerate overseas sales and develop new models for commuters and female riders.
The company was founded in 2018 by university friend Seb Inglis-Jones, Will Stirrup has attracted support from venture capital firms including Venrex, Future Planet Capital and Elbow Beach Capital, as well as Angel Investors such as John Ayton, co-founder of Links Links in London, and Simon Hill Norton, Simon Hill-Norton, Simon Hill-Norton, founder of Sweaty Betty. It also received a working capital facility of £3 million from HSBC UK.
About half of the bike exports to markets such as France and Germany are exported, and now the largest international market in the United States. Despite the interruption of President Donald Trump’s tariff trade war, U.S. sales to the U.S. have increased fivefold so far this year.
“The biggest challenge for all manufacturers exporting to the U.S. is consumer uncertainty,” Inglis-Jones said. “If people are not sure about their financial situation, they are unlikely to spend money on discretionary products.”
Inspired by the popularity of simple electronic bikes with removable batteries in China, the founders of Maeving set out to combine practicality with British engineering and design at a higher end price. While the Chinese model costs only a few hundred pounds, the Maeving bike starts at £4,995.
The company’s RM1 and RM1S models can fully charge up to 80 miles, and the battery charges 73p in less than four hours. Maeving estimates that the average electricity for the UK to commute to 11.4 miles is only £4.20 per month.
Rather than chasing traditional motorcycle enthusiasts, the brand seeks alternatives to crowded public transport for new riders, especially commuters and city dwellers. The 140kg mountain bike is lighter than most motorcycles, making it easier to access, especially for women.
“Our customers are usually people who have not previously been riding a bike and have no affiliation with a gasoline engine,” said Inglis-Jones. “They do not expect vibration or noise. They want something clean, simple and easy to use.”
Maeving employs 67 employees on the Coventry website, including 50 employees, and is able to produce up to 11,000 bikes each year. Inglis-Jones said: “The UK is no longer known for its massive hardware manufacturing industry: “But motorcycle design is one of the global areas where we are still respected. ”
Graeme Gilbert, the company’s product leader, had previously launched new product designs at another British motorcycle brand, Triumph.
With its new funding, Maeving plans to double its R&D, increase marketing spending, especially in overseas markets, and consolidate its position as a new force in the field of electric operations.
