Wheels keep turning for Scottish e-bike innovator as it completes £1.85m funding round.
FreeFlow Technologies joins Kelvin Capital portfolio of companies
FreeFlow Technologies (FFT), the developers of the world’s lightest power to weight e-Bike motor has secured £1.85m from a heavily over-subscribed funding round.
The new investment will support a move to a new headquarters and R&D facility in East Kilbride and further strengthen the team with senior technical positions and assembly engineers recruited.
FFT’s “novel” patented e-Bike transmission system is more lightweight, compact and provides a higher power density than other products, with the motor and battery easily assembled into the bicycle frame rather than an oversized attachment as is common with current electric bikes. This achieves a look that makes the e-Bike look, and ride like a normal bike, a key requirement for brands and their end customers. The company has also developed an unprecedented mechanical transmission system for fixed wheel bikes that allows the rider to freewheel, whilst retaining the smooth ride quality of fixed wheel.
There are already a number of brands working on frame designs to incorporate the new FreeFlow Technologies ETS (Electronic Transmission System) into bikes for launch into the market in 2021.
The new funding round was led by investment syndicate Kelvin Capital and supported by Equity Gap, Foresight Williams and Scottish Enterprise. The company raised £1.8m in an earlier funding round in October 2018.
Founded in 2012 in Glasgow by e-Bike innovator Neil MacMartin following 15 years in his family bike business, FFT has a senior management team made up of experts in design, development, financial planning and cycling industry experts.
Chaired by Martin McCourt, former CEO of Dyson, FFT is poised to meet the demand from a number of large global bike and automotive brands by delivering a market ready product in 2021. The rapidly growing electric bike market was worth £4.9bn in 2018 and is expected to grow to £11.8bn in 2023 according to the Confederation of the European Bike Industry and The Light Electric Vehicle Association.
John McNicol from Kelvin Capital said: “The events of 2020 has brought an unexpected rise in the number of people cycling and, in particularly e-Bike sales, something that hasn’t been seen since the 2012 Olympics. Kelvin Capital is delighted to back FreeFlow Technologies with this investment round. It is a business bringing innovation to a well-established market with an impressive management team including the ex-senior exec team of Dyson and business leadership from major cycling brands such as Cannondale, Rapha, Marin Bikes and Whyte Bikes.”