Firm to open e-bike factory after landing £2m funding deal
A £2m funding deal is set to support a micro-mobility firm’s expansion alongside the development of an e-bike factory.
B-Corp registered Beryl, is gearing up for the next stage of its growth after securing the investment from Birmingham-based Frontier Development Capital’s (FDC) Advanced Manufacturing Supply Chain Initiative Recycled Fund (AMSCI).
This will enable the development of a new manufacturing hub in Poole, Dorset, to enhance its e-bike/e-scooter connected technology which provides each vehicle with a self-contained suite of onboard sensors to alert Beryl to the real-time status of the rider and the vehicle.
Beryl, which says it is the only micro-mobility provider that designs and builds its own technology, will also use the funding to create jobs and apprenticeships.
Philip Ellis, CEO and founder of Beryl, said: “This investment is crucial in helping Beryl build upon the success we have already had in encouraging more people to take up sustainable travel options, reducing harmful carbon emissions and traffic congestion while improving air quality and public health.
“We’ve led the industry in the development and deployment of connected technologies that keep riders and pedestrians safe while also managing the deployment of our bikes. As more electric-powered bikes and scooters launch, we find that off-the-shelf products do not meet the standards that both we and our customers expect.
“That is why it’s crucial that we meet the challenge of the constantly evolving micro-mobility sector, by developing and producing the next generation of electric vehicles such as our new e-bike”.
Andy Green, investment manager at FDC, said: “Beryl is a true UK success story and a business with a clear mission. The team has continued to adapt, growing from an accessories brand to a leading manufacturer and tech firm that’s meeting a real demand for sustainable travel across the country.
“It’s this commitment that has led to its success over the past decade, and the team’s ambitions for the future make it perfectly placed for FDC’s AMSCI funding”.