Electric vehicle charge point management platform Fuuse has raised a further £6m from existing investors to accelerate its growth plans.

The Lancaster-based software and services company secured the funding from existing investors, Par Equity and YFM Equity Partners, based on an increased valuation underpinned by more than doubling recurring revenues since its last investment.

The funding will be used to accelerate growth in key areas and support the business through to profitability.

Michael Gibson, CEO at Fuuse, said: “This is a huge endorsement of the team at Fuuse and our long-term strategy. Taking this additional funding now gives us the resource to build on the great work the team has delivered and charge forward.”

Fuuse launched in 2021 to help both private and public sectors to get what they need from their EV charging infrastructure.

Key milestones over the last 18 months include a national public charge point rollout with dealership giant Arnold Clark and the transition and rapid growth of Be.EV, one of the UK’s leading charge point operators.

Fuuse has also expanded into new markets in Italy and Sweden, and recently acquired the assets of Everyday EV, a UK-based service and support provider.

Alastair Moore, investment director at Par Equity, said: “As the EV charging market accelerates, Fuuse has cemented itself as a clear leader – trusted and valued by their clients. We back the North’s most ambitious businesses, and Fuuse is a standout example. After an exceptional period of growth, we’re proud to be continuing to support Mike and the Lancaster-based team as they power through the next stage of their journey.”

Jonathan Marlow, partner at YFM Equity Partners, added: “This follow-on investment reflects our continued confidence in both the business and its leadership as they deliver on their mission to make EV charging smarter, more efficient and more accessible.”