Coventry-based electric motorcycle retailer Maeving has secured £1 million of new funding. The company's new RM1 model, which was launched in June, is a British designed and built electric motorbike aimed at the urban commuter.
This new funding will support the business in its early stages of growth by providing working capital to assist with the launch of the RM1.
It will also use the money to recruit marketing and engineering staff to promote the RM1 and develop more products.
The money came via the debt finance fund, part of the Midlands Engine Investment Fund, which is managed by Maven Capital Partners.
Maeving was introduced to Maven by Chris Lawes, planning and inward investment adviser at the CWLEP Growth Hub.
Will Stirrup, joint chief executive of Maeving, said: "We are thrilled to have received this support from Maven at such an important time for the business. The investment will allow us to scale the business quickly, getting more people onto electric vehicles at a crucial moment in the fight against climate change."
Richard Blount, investment director for Maven, added: "This is a fantastic opportunity for Maven and the Midlands Engine Investment Fund to support the team at Maeving at this exciting time with the launch of the RM1 and we look forward to being a part of their growth journey in producing stylish products that support sustainable travel and challenge the future of transport."
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