A Cambridge-based start-up that designs and manufactures folding electrical bikes has secured £1.2 million in recent funding, aiming to ramp up manufacturing in a bid to rival market chief Brompton.
Flit, based in 2016 by biking fanatic Alex Murray and former Jaguar Land Rover engineer Dave Henderson, says demand for its fashions far exceeds present provide, with prospects going through a wait of as much as 4 months.
The brand new funding spherical was led by ACF Buyers and Cambridge Angels, and attracted high-profile backers, together with Tony Purnell, former head of technical growth at British Biking and as soon as a group principal for Jaguar’s and Pink Bull’s Formulation One outfits.
Flit first gained traction with a £214,000 grant from Innovate UK in 2020, cash it used to pioneer a brand new approach for bonding bike frames with out welding. In response to Murray, this course of delivers a lighter and extra sturdy body by eliminating the distortion threat seen in welded components. The corporate’s M2 mannequin weighs simply over 14kg and folds simply, making it well-suited for the commuter market.
“Not only did it improve our product, but it also re-imagined how we manufacture,” Murray mentioned, explaining the choice to base manufacturing in Cambridge. “We’re hands-on in the factory, which ensures we fully master and control the process. And being in a city that loves bikes puts us close to our core community.”
Though Flit imports the uncooked aluminium and sure elements, the complete meeting course of takes place in Cambridge. The intention is to problem Brompton’s long-established foothold available in the market; Brompton lately reported a tough buying and selling 12 months, forecasting a pre-tax revenue of simply £4,602 for 2024.
Murray, a passionate bike owner who has ridden throughout America and China, hopes Flit’s rising order e book and new manufacturing strategy will assist it seize a much bigger slice of the city biking market. “Our next step is to scale up to meet demand,” he mentioned, highlighting the corporate’s intention to cut back ready instances and proceed increasing its market presence.
