"The company, founded in 2018 by university friends Seb Inglis-Jones and Will Stirrup, attracted backing from venture capital firms including Venrex, Future Planet Capital and Elbow Beach Capital, alongside angel investors such as John Ayton, co-founder of Links of London, and Simon Hill-Norton, founder of Sweaty Betty. It has also secured a £3 million working capital facility from HSBC UK."
"Maeving exports around half of its bikes to markets such as France and Germany, with the US now its largest international market outside the UK. Sales to America have risen fivefold so far this year compared with 2024, despite disruption from President Donald Trump's tariff-driven trade war. "The biggest challenge for all manufacturers exporting to the US has been the uncertainty for consumers," said Inglis-Jones. "If people are uncertain about their finances, they're less likely to spend money on a discretionary product.""
"While Chinese models can cost just a few hundred pounds, Maeving bikes start at £4,995. The company's RM1 and RM1S models can travel up to 80 miles on a full charge, with batteries that recharge in under four hours for about 73p. Maeving estimates that powering an average UK commute of 11.4 miles a day costs just £4.20 a month in electricity."
Maeving raised £8 million to expand production, accelerate overseas sales and develop new commuter and women-focused models. Investors include Venrex, Future Planet Capital, Elbow Beach Capital and angel backers John Ayton and Simon Hill-Norton; the company also secured a £3 million working capital facility from HSBC UK. Around half of its bikes are exported to markets such as France and Germany, with the US now the largest international market and American sales up fivefold so far this year. The RM1 and RM1S models travel up to 80 miles and recharge in under four hours; Maeving estimates an average UK commute costs £4.20 a month to power.
Read at Business Matters
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