Cambridge-based startup FLIT, known for developing lightweight folding e-bikes for urban commuters, has secured £1.2 million in funding from ACF Investors and Cambridge Angels. The investment will help accelerate the production and delivery of the FLIT M2 to UK customers.
- Established in 2016 by Alex Murray and Dave Henderson, FLIT designs lightweight, folding electric bikes. Their main model, the FLIT M2, weighs 14.5 kg and offers a 50 km range.
- FLIT uses a no-weld adhesive bonding technique, which improves precision and reduces weight, making the bike more compact and 1 kg lighter than similar models. The company also provides maintenance and upgrades at its Cambridge workshop.
Details of the deal
- The funding round received support from ACF Investors, a £100 million Venture Capital fund that backs startups across the UK, and Cambridge Angels, a UK business angel network that provides strategic capital from entrepreneurs to entrepreneurs. Tony Purnell, former Head of Technical Development at British Cycling, also participated in the round.
"FLIT is exactly the type of innovative UK business we look to support. Its unique approach to design and manufacturing positions them perfectly to capitalise on the growing e-bike market. We are pleased to be part of their journey as they scale production and bring the FLIT M2 to more riders across the UK," explains Tim Mills, Managing Partner at ACF Investors.
- FLIT plans to use the £1.2 million funding to speed up production and delivery of the FLIT M2 folding electric bike in the UK. The funds will help scale manufacturing, improve availability, and support growth in the e-bike market.
"Sometimes I genuinely can’t believe that I get to work with the team at FLIT and that we’ve been supported by so many people. There’s a long way to go but our panniers are packed, bottles are full, and we’ve got wet weather gear and fruit gummies for emergencies. We’re on the road," co-founder and Managing Director at FLIT, Alex Murray, stated.
