Britain’s leading electric motorcycle brand targets global expansion
Maeving, the UK’s leading electric motorcycle company, has closed a landmark £11 million Series A funding round to accelerate its international growth.
Investors in the round include leading UK funds such as Venrex, Future Planet Capital and Elbow Beach Capital, alongside angel investors such as John Ayton MBE (co-founder of Links of London) and Simon Hill-Norton (founder of Sweaty Betty). The raise is also supported by a £3 million working capital facility from HSBC.
Founded by Seb Inglis-Jones and Will Stirrup, Maeving’s electric motorcycles have rapidly become the best-selling in the UK, and the best-reviewed worldwide. Just this month Motorcycle News gave Maeving’s latest model its ‘Best Electric Motorcycle’ award.
Built in Coventry by a world-class engineering team led by former Triumph and Peloton executives, Maeving’s products combine cutting-edge design and innovation with a uniquely practical edge: removable batteries that charge from any standard plug socket. This pioneering feature eliminates the need for fixed charging infrastructure, disrupting the traditional OEM [original equipment manufacturer] model.
With almost 75% of all parts manufactured in the UK and products assembled at its headquarters in Coventry, Maeving is proud to be a homegrown British success story.
This raise marks an exceptional year for Maeving, with 2024 revenue quadrupling to £5.9m and year-to-date sales climbing 120% – continuing its track record of three consecutive years of triple-digit revenue growth. Its product-led innovation is redefining electric mobility in the Powered Two Wheeler (PTW) sector, the world’s second most popular and fastest-growing form of transport with revenues exceeding $132bn.
The investment comes in alongside over £1.1m in grant funding recently awarded by Innovate UK and the Advanced Propulsion Centre for the development of Maeving’s pipeline electric motorcycle technology.
The latest raise follows a seed investment in August 2020 which attracted notable backers such as Peter Williams, founder of Jack Wills, and former Made In Chelsea star Spencer Matthews.
Maeving will use its new capital to scale its rapidly growing US operations (which already account for 40% of Maeving’s 2025 sales), deepen its research and development capabilities and continue to push the boundaries of the electric motorcycle market. In addition to the US, the company is seeking to increase its footprint in Europe.
Will Stirrup, Co-Founder of Maeving, said: “We’re absolutely thrilled to have closed this Series A. We have assembled a highly experienced team, designed multiple market-leading products, and we have built a scalable manufacturing operation. Now this funding gives us the fuel to make Maeving a global brand.
We are looking to grow our market share in the US, where we are seeing extraordinary demand, and to further develop our R&D facilities to enable us to continue disrupting and innovating in this fast-growing transport sector. It’s a very exciting time for Maeving.”
Rupert Lyle, Fund Principle of West Midlands Co-Investment Fund from Future Planet Capital Regional, said: “West Midlands Co-Investment Fund is incredibly proud to back a company like Maeving, which not only embodies the pioneering spirit of the West Midlands’ automotive and motorcycle heritage but is also actively shaping its future. Maeving’s commitment to British manufacturing, particularly in Coventry, aligns perfectly with Future Planet Capital Regional’s mission to support high-growth companies that are driving innovation in the region. The leadership team has demonstrated exceptional vision and expertise, and we have full confidence in their ability to make Maeving a global leader in the electric motorcycle market.”