DF Capital powers Maeving’s rapid expansion with strategic inventory finance
Maeving, the UK’s first electric motorcycle manufacturer, has seen impressive growth thanks to DF Capital’s financial support. This partnership shows how the right financing can drive innovation and expansion for young businesses looking to bring something new to market.
About Maeving
Maeving makes lightweight classically styled and practical machines with removable batteries. Each vehicle can be charged from any UK plug socket, making it easy to recharge, reducing range anxiety and reliance on an infrastructure. Based in Coventry, the heart of British motorcycle heritage, this direct-to-consumer motorcycle business has almost 50 employees, many of whom are tenured industry engineers, and offers test rides in a number of centres around the UK.
What did Maeving need?
As a small, relatively new firm looking to scale up, Maeving has an intensive working capital cycle. Over the past 12 months, the business has been growing rapidly, manufacturing a large number of units which require significant capital to produce. It therefore needed a working capital facility that would provide financial support and help take it to its next level of growth.
How did DF Capital help?
DF Capital set up a £1m credit facility, providing funding against the finished motorcycles. This ensures the production cycle runs smoothly with minimal cash outflow, and enables the purchase of the significant number of components needed to fulfil customer orders. Maeving can then make repayments once the completed bikes are sold. This helps maintains the business’ cashflow position and allows it to focus on its sales activities.
Results
DF Capital’s facility has allowed Maeving to grow in line with its ambitious business plan. This year Maeving will see revenue grow four-fold as it has expanded its operations from the UK to the US, Germany and France. A new model, the RM1S, has gone into production, reclaiming its position as the EU’s best-selling electric two-wheeler. The business has also scaled from a 15,000 sq ft factory to a 50,000 sq ft factory, increasing its production capacity from 1,000 bikes a year to 7,500.
Will Stirrup, cofounder of Maeving, commented: “It’s been a game-changing year for Maeving. With our rapid growth, we urgently needed to reduce our working capital and after speaking with the team at DF Capital, it was clear that they knew exactly how to help. Our business model is unique—we’re both a manufacturer and a dealer/distributor, building our own stock—and were looking for a flexible funding solution to meet those needs. DF Capital, being a fast-growing and dynamic business itself, totally understood what we were trying to achieve. Its impressive tech platform, DF Connect, also gives me complete control and transparency over our stock and funding. It’s an absolute pleasure working with DF Capital.”
Angela Goulding, managing director for powersports at DF Capital, said: “Maeving is a unique business which has achieved so much already, but also continues to have enormous ambition, tackling the biggest barrier to electric vehicle adoption—a lack of charging infrastructure. It’s creating a future where consumers can charge their electric motorcycles at their desks at work, not just in their garages. By combining Britain’s rich motorcycle engineering heritage with modern removable battery technology, Maeving is transforming the industry for the better. We’re proud to support Maeving’s growth in this market.”
