Coventry based electric motorcycle retailer receives £1m of funding

Maeving Limited (“Maeving”), an innovator of electric motorcycles, has secured a £1 million funding package from MEIF Maven Debt Finance (“the Fund”), which is part of the Midlands Engine Investment Fund (“MEIF”) and managed by Maven Capital Partners (“Maven”), and is aimed at smaller and medium-sized enterprises across the region that have high growth potential.

Maeving’s new RM1 model, launched in June, is a British designed and built electric motorbike aimed at the urban, environmentally conscious commuter. The RM1 combines British heritage styling with the practicalities for every day use including a removable, light-weight battery chargeable from any plug socket and offers the choice of a second battery to extend the range from 40 to 80 miles.

According to multiple sources, the global electric motorcycle market is valued at $58.37bn. The sector, however, has experienced much of its growth more recently as the ambition for lower worldwide emissions and greener transport options become increasingly important to global leaders and groups worldwide.

The funding from MEIF Maven Debt Finance will support the business in its early stages of growth by providing working capital to assist with the launch of the RM1 and to invest in recruitment of marketing and engineering talent, to enable Maeving to focus on further product development alongside the promotion of the RM1through digital advertising and media channels.

Maeving was introduced to Maven by Chris Lawes, Planning & Inward Investment Advisor at the CWLEP Growth Hub, who has been supporting the business through signposting and introductions within the local area.

The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub was set up to support the regional growth of SMEs and Chris also provided help with Maeving successfully applying to Coventry City Council for a £49,800 Investment Fund grant from the Coventry and Warwickshire Business Support Programme, which is part funded by the European Regional Development Fund (“ERDF”).

Richard Blount, investment director for Maven, said: “This is a fantastic opportunity for Maven and the MEIF 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.”

Will Stirrup, joint chief executive for Maeving, added: “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.”

Mark Wilcockson, senior investment manager at the British Business Bank, added: “MEIF funding provides companies such as Maeving with the tools to further expand their business and in this case support during early-stage growth of an innovative new product. This is another example of how MEIF is supporting small businesses in the region, including those with a focus on innovation and sustainability.”

Cllr Jim O’Boyle, cabinet member for Jobs, Regeneration and Climate Change at Coventry City Council said: “The Growth Hub has fantastic support available for businesses and I’m very pleased to hear that its support has resulted in a more sustainable and environmentally friendly motorbike being produced.”

By Mark Adair – Correspondent, Bdaily

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