East Kilbride-based FreeFlow Technologies (FFT), which has developed a new e-bike motor, is moving into production following the completion of a £1.65m funding round led by investment syndicate Kelvin Capital.
The investment will accelerate the production of units from its Scottish production line, ready to be sold into the fast-growing sector.
Chaired by Martin McCourt, former global chief executive of Dyson, the business completed a previous funding round in November 2020, securing £1.85m, which saw them move to new headquarters and production facility in East Kilbride - as well as adding senior technical positions and assembly engineers.
The company also raised £1.8m in October 2018, meaning a total of £5.3m has been raised to date.
The latest funding will see additional staff recruited across electrical and software engineering, process engineering and design.
The round was also supported by Equity Gap, Scottish Enterprise and several private individuals.
More than 70 cycling brands, from specialist handmade through to global groups, currently have FFT’s electronic transmission system on their radar for integration into e-bike ranges.
In November 2021, FFT announced its first original equipment manufacturer partnership with British gravel bike maker and wooden frame specialist Twmpa Cycles.
The patented transmission system is more lightweight and compact than many rivals, with the motor and battery easily assembled into the bicycle frame, rather than as an attachment.
FFT, founded in 2012 in Glasgow by e-bike innovator Neil MacMartin, following 15 years in his family bike business, has a senior management team made up of experts in design, development, financial planning and the cycling industry.
McCourt, chairman of FFT, said: “This technology will soon be on sale, incorporated into a number of leading bike brands, and we are thrilled to have had such enthusiastic support from our existing investors as well as several new ones.”
David Hemming, managing director of FFT, stated: “Despite the impact of Covid on societies around the world over the last two years the demand and adoption of e-bikes continues to grow significantly, which is being reflected in the number of cycle manufacturers reaching out to us.
“One of the major appeals of the FreeFlow system for e-bike designers is that it is very much ‘plug and play’ and can work in harmony with a brand’s existing battery or switch suppliers.”
John McNicol, director at Kelvin Capital, added: “The rise in the number of people taking to cycling and e-biking was already rising before the impact of Covid and that has increased significantly in the last two years.
“The progress made by FFT to move to production, its increasing reputation in the global cycling sector and its impressive management team means that Kelvin Capital is delighted to continue to back the business.”
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