Maeving, an electric motorcycle maker based in the West Midlands, has secured an £11m Series A investment as it looks to expand to the US.
The Coventry-headquartered firm designs and manufactures the electric vehicles with removable batteries that can be charged from standard plug sockets.
Having previously received a seed investment in 2020, Maeving is preparing for a period of rapid expansion with the new round after a solid year of financial growth that saw its revenue quadruple to £5.9m at the end of 2024.
The new funds, which are split between an equity investment and a £3m working capital facility from HSBC UK, will support the company’s US operations, which already account for 40% of its sales in 2025.
“We have assembled a highly experienced team, designed multiple market-leading products, and we have built a scalable manufacturing operation. Now this funding, alongside facility from HSBC UK, gives us the fuel to make Maeving a global brand,” said co-founder Will Stirrup.
“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.”
The Series A funding came from Elbow Beach, Venrex, Future Planet Capital and a handful of angels.
“At HSBC UK, we’re committed to helping ambitious businesses grow through practical, well-structured financial support,” said Andy Farmer, senior corporate relationship director at HSBC UK.
“This facility reflects our belief in Maeving’s potential and we’re looking forward to continuing the partnership as they enter into new markets and invest further in their R&D capabilities.”
