A developer of a e-bike motor, has secured £1.85m from an over-subscribed funding round.
FreeFlow Technologies (FFT), will use the new investment to fund a move to a new headquarters and R&D facility in East Kilbride, Scotland and further strengthen the team with senior technical positions and assembly engineers recruited.
Its e-bike transmission system is designed to be more lightweight, compact and provides a higher power density than other products in the market.
Its motor and battery are assembled into an existing bicycle frame so it appears more like a normal pedal-powered bike.
Chaired by Martin McCourt, former CEO at Dyson, he has decades of experience in company management and start up success in the tech sectors and plays a major role in driving FFT into the global marketplace.
Mr McCourt said: “The e-bike market is booming as many sections of society seek alternatives to public transport and take a greater interest in their personal health.
“Great trends that truly benefit our citizens and our environment. The FreeFlow drive system transforms the look and riding performance of e-bikes. Now an e-bike can look like a normal bike, and ride like one!”
David Hemming, Managing Director of FreeFlow Technologies added: “Before Covid hit the world the e-bike sector was forecasted to grow by double digits each year for the foreseeable future however the global pandemic has changed the way people think about bikes across all walks of life.
“The needs of exercise and wellbeing and the need for a viable transportation options to and from work that is an alternative to public transport are now high on the public’s mind.
“The Covid pandemic has also accelerated the cargo/last mile delivery sector as well with many companies looking to get deliveries from suppliers to end consumers with increased urgency and efficiency.”
The new funding round was led by investment syndicate Kelvin Capital and supported by Equity Gap, Foresight Williams and Scottish Enterprise.