Maeving Case Study

Funding enables Maeving to the launch its innovative electric motorcycle, the RM1, and further expand its team to capitalise on the boom in sales of electric vehicles.

Expansion

into the EU and US

40 High skilled jobs created

NO.1

Selling e-motorcyle in the UK

The Company

Founded in 2018, Maeving is Britain's first electric motorcycle manufacturer. Co-founders Will Stirrup and Seb Inglis-Jones tapped into the country’s century-rich heritage in motorcycle design and production and opened their own facility in Binley, Coventry, blending classic British engineering with electric innovation.

Since launching its first model, the Maeving RM1 in 2022, it has become the Nation's best selling electric motorcycle and received significant press attention, including being featured on the BBC's The Apprentice.

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Maeving RM1S

Summary

Rising pollution and congestion within cities led to a business idea. Entrepreneurs Seb and Will believed the future of urban travel would be on two wheels so set up Maeving, taking their first step into the electric two-wheeled world.

The pair set themselves a target to redefine urban travel by creating beautiful, practical and sustainable electric motorcycles that make cities cleaner, quieter and healthier places to live. Harnessing Britain's heritage in design and engineering they set about assembling a team in the Midlands (many ex-Triumph engineers) with over 100 years of experience in the industry between them.

Funding from MEIF Maven Debt Finance supported the business in its early stages of growth, providing the nesscary working capital to assist with the launch of the RM1 model and to invest in the recruitment of marketing and engineering talent. This enabled Maeving to focus on further product development alongside the promotion of the RM1 through digital advertising and media channels.

Up for the challenge

Maeving Case Study Image

“Name a macro challenge of the last four years - Maeving’s had to face it head on,” says Will Stirrup, Joint Chief Executive and Cofounder. Every step of Maeving’s journey has so far unfolded in challenging macroeconomic conditions. From fundraising and initiating early-stage R&D amidst the backdrop of COVID-19 lockdowns, to embarking on sourcing components during the onset of supply chain crises and surging inflation. Despite these obstacles, they proceeded with production, confident that the demand was there as more people moved toward zero-emissions transport.

“The particular issue we were facing when we approached Maven was a working capital shortfall", says Will. "Our minimum order quantity, lead times and payment terms had all sky-rocketed amidst the supply crisis, and so despite the fantastic demand we were receiving for the product, we were struggling to meet the supplier payments necessary to be able to actually start building bikes and delivering them to customers.”

The necessity to reallocate capital hindered Maeving’s R&D efforts and limited their capacity to expand production which was required to meet rising demand for their innovative electric motorcycle. To keep the wheels turning Maeving approached us about the potential of applying for a flexible debt package from MEIF Maven Debt Finance to fuel growth and ensure the business wasn't going to be capital constrained to continue its expansion.

Richard Blount at Maven noted “The passion and enthusiasm was clear from the start of our conversation with Will, Seb and the team at Maeving and was evidently supported by a clear strategy and head turning designed bike that perfectly blends classic styling with well-designed electric motor technology”.

Debt finance helps Maeving to charge
up through the gears

Maeving was introduced to Maven by Chris Lawes, Planning & Inward Investment Advisor at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub, who had been lending his support to the business. The CWLEP Growth Hub was set up to aid the regional growth of SMEs and Chris had already helped provided Maeving to successfully apply for an Investment Fund grant from the Coventry and Warwickshire Business Support Programme, part funded by the European Regional Development Fund.

“The funding process was smooth, seamless, twice the speed of the other lenders we were talking to, and on fair terms”, says Will. “Without Maven’s funding we wouldn’t have been able to launch in the smooth, customer centric way that we had, which would have negatively impacted our brand in the long run. We would have also had to delay development of our next products, which would have jeopardised the long term prospects of the business.”

The flexible debt finance package from Maven supported the creation of 40 high skilled jobs, and the businesses intends to double this over the next three years as they continue their impressive growth journey. Maeving also relocated its headquarters to an impressive workspace five times larger than their previous factory, emblematic of their ambitions for the future.

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Working with Maven

“Maven were exceptional to work with", says Will. "They were highly professional, incredibly agile, and true believers in the purpose and vision for the company. Even through a number of set backs and hurdles, they have been flexible, understanding, and supportive.

Many younger companies like Maeving face similar challenges, such as how to scale their sales and marketing, optimise recruitment, raise further finance or enter new geographies and markets. Our experienced investment and portfolio executives were always on hand to provide direct input and guidance on strategic initiatives when required. "Maven's unwavering support has made our most challenging periods a thousand times more manageable", says Will.

“Maven were understanding, supporting, and patient. They understood the long term potential of the business, which gave us time to raise significant equity and to therefore keep the business healthy from a balance sheet and cash flow position.”

Taking a patient approach to funding is important, particularly in earlier stage businesses. Helping companies scale the right way will ensure long-term sustainable growth.

“The Maeving team’s focus on building and expanding their equity investor group provided a strong foundation, enabling us to structure a flexible debt package through MEIF. This support was crucial for the launch of RMI and the subsequent growth of the business.” Richard Blount added.

RM1_Delivery_Portrait

From an idea to the UK's best selling e-motorcycle

Maeving is now the number one electric motorcycle brand in the country, with ambitions to grow its market share overseas. The business has recently began taking orders for the Maeving RM1 in France, Germany, and Benelux. The European market is seeing an explosion in two-wheeler sales with France, Germany, Italy, and Spain seeing their combined electric motorcycle markets increase by over 100%.

Sales will expand into Australia and Singapore where Maeving has partnered with local distributors as well as expansion into the United States, starting in California where the state already has a high number of EV adopters.

The business is also set to launch its second model, the RMS1, which it hopes will be as well received as its predecessor that outperformed the combined volumes of all non-Chinese electric two-wheelers in 2022, including Harley Davidson.

“Maven’s funding has been fundamental to the creation and launch of Maeving’s innovative electric motorcycles", says Will. "We are enormously grateful for their support and advice, and are looking forward to partnering with them further as we look to take our market leading product to the international stage."

Richard Blount said “Notwithstanding the multiple challenges and economic headwinds faced, Will and Seb, with the support of their board, have demonstrated both resilience and adaptability to ensure the business continues to develop and prosper.