British electric motorcyle brand Maeving has secured £1m in funding towards the launch of its latest product. Maeving’s RM1 model, which was unveiled in June, is UK-designed, manufactured locally and aimed at urban commuters. It combines what the brand describes as “heritage styling” with everyday practicalities. These include a removable lightweight battery chargeable from any domestic socket outlet and the choice of a second battery doubling range to 80 miles.
Funding from MEIF Maven Debt Finance will support the business in its early stages of growth by providing working capital and allow Maeving to invest in recruitment of marketing and engineering talent.
Maeving was introduced to Maven by Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub planning and inward investment advisor Chris Lawes, who has been supporting it through signposting and introductions within the local area. Lawes and CWLEP also provided help with Maeving’s successfully application to Coventry City Council for a £49,800 investment fund grant from the Coventry and Warwickshire Business Support Programme, part-funded by the European Regional Development Fund.
Obviously grateful for such financial assistance, Maeving joint chief executive Will Stirrup said: “We are thrilled to have received this support at such an important time. The investment will allow us to scale our business quickly, getting more people onto electric vehicles.” Maven investment director Richard Blount added: “This is a fantastic opportunity to support the team at Maeving. We look forward to being a part of their growth journey in producing stylish products that challenge the future of transport.”