A Cambridge-based start-up that has protected designing and producing of the folding of electric bicycles has protected £ 1.2 million in new investments, which has increased production in an attempt to rival market leader Brompton.
Flit, founded in 2016 by cycling enthusiast Alex Murray and former Jaguar Land Rover Engineer Dave Henderson, says that the demand for his models is much higher than the current offer, where customers are confronted with a waiting time of a maximum of four months.
The new financing round was led by ACF investors and Cambridge Angels, and attracted high-profile backers, including Tony Purnell, former head of technical development at British Cycling and once a team head for the Formula One outfits of Jaguar and Red Bull’s Formula One.
For the first time, Flit received a grip with a £ 214,000 subsidy from Innovate UK in 2020, money it used to pioneer a new technique for connecting bicycle frames without welding. According to Murray, this process yields a lighter and more robust frame by eliminating the distortion risk that is seen in welded parts. The M2 model of the company weighs a little more than 14 kg and easily folds, making it good for the commuter market.
“It not only improved our product, but it was also recalled how we produce,” said Murray, in which he explained the decision to base production in Cambridge. “We are hands-on in the factory, which ensures that we fully control and control the process. And being in a city that loves cycling brings us close to our core community. “
Although Flit imports the raw aluminum and certain components, the entire assembly process takes place in Cambridge. The goal is to challenge Brompton’s for a long time established position in the market; Brompton recently reported a difficult commercial year and predicted a profit for taxes of only £ 4,602 for 2024.
Murray, a passionate cyclist who has driven throughout America and China, hopes that the growing order book by Flit and the new production approach will help to conquer a larger part of the city market. “Our next step is to scale up to meet the demand,” he said, and emphasized the intention of the company to reduce waiting times and to continue to expand the presence of the market.