UK’s Maeving receives £8m cash injection
UK electric motorcycle manufacturer Maeving has just received a big boost to its coffers.
UK-based electric bike manufacturer Maeving has raised £8 million in funding to be put toward the development of new models and drive overseas sales, according to a report from The Times.
The Coventry-based company has been quietly impressing riders and moto media since being launched by Seb Inglis-Jones and Will Stirrup in 2018. Currently it offers two models: the RM1 and the more powerful (and more expensive) RM1S. Roughly half of its bikes are sold outside the UK, with the company finding the most success in France, Germany, and the United States.
The funding comes from a variety of investors, according to The Times, including “a combination of venture capital firms, including Venrex, Future Planet Capital and Elbow Beach Capital, and angel investors such as John Ayton, the co-founder of jewellery brand Links of London, and Simon Hill-Norton, the founder of athleisure brand Sweaty Betty.”
We’re always a little concerned when we hear about moto companies getting into bed with venture capital firms, because it’s gone so wrong for so many in the past, but Maeving has been around a while and seems to be realistic about the challenges it faces.
Inglis-Jones told the newspaper that Maeving targets customers “who’ve not ridden loads of bikes before and have no affiliation with the world of petrol and are not expecting a bike to vibrate and make noises.”
That’s perhaps a clever move. When we hear about other electric manufacturers’ big plans - such as Stark Future’s development of street models - we wonder if they’re aware of the scale of resistance they’ll face from riders who just like the feel and sound of an engine.
At present, Maeving seems to be keeping its focus on urban riders in urban situations - think of those folks living within the M25.
The company uses removable batteries, meaning you can park up, take your batteries into the office with you, and recharge on your company’s dime. If you’re being honest about things, however, Maeving says that its bikes will cost the average commuter less than £5 a month in electricity.
Inglis-Jones told The Times that this latest round of funding will be spent “on research and development at the firm’s Coventry base, as well as on increasing its marketing budgets, particularly for international audiences.”
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Chris Cope is a fourth-generation journalist, originally from Texas. He has lived in the UK for roughly two decades and has been writing about motorcycles for most of that time. He has written for dozens of publications and websites in the UK, US, Canada, and Australia.
