Manufacturer behind innovative eFOLDi secures £2.5m investment as it looks to a “new horizon”
Suntech UK, the company behind the award-winning eFOLDi mobility scooter, has secured a £2.5 million investment from London-based Guinness Asset Management to fuel its next stage of growth.
Entering the mobility market in 2017 with the first version of its lightweight folding mobility scooter, Suntech UK (trading as eFOLDi) has enjoyed considerable success over its relatively short life.
Founded by ambitious CEO Sumi Wang, the concept and initial design of the eFOLDi scooter was created by her father and inventor Jianmin Wang to help him navigate the busy city of Beijing after breaking his leg.
Since its launch, the Surrey-based manufacturer has gone on to launch a new version of its original model, diversify into the powerchair category and generate over £2.2 million in sales.
Sumi Wang, CEO of eFOLDi, said: “We are extremely pleased to welcome Guinness onboard our exciting eFOLDi journey. Guinness is one of very few investors who has combined expertise in hardware manufacturing and personal mobility industries and therefore will add tremendous value in the next stage of eFOLDi’s success. Personally, I very much look forward to working with Ashley and the wider Guinness team – together, we will take eFOLDi to a new horizon and beyond.”
The investment by the London-based specialist fund management company marks a departure from the crowdfunding approach eFOLDi has employed in the past to raise capital.
In May 2018, eFOLDi raised just under £1 million of investment from its campaign on Crowdcube and in January 2020, the company returned to the crowdfunding platform, raising more than £500k.
As part of the investment, Guinness Fund Manager Ashley Abrahams, will join the board of directors alongside experienced Non-Exec Chairman, Kevin Ronaldson, who has over 40 years’ experience advising growing companies.
Ashley Abrahams, Fund Manager at Guinness Asset Management, said: “Guinness is delighted to be supporting Sumi Wang and her team during this exciting time of growth, expansion, and new product development.
“eFOLDi has a unique proposition that can make a real improvement to customers’ lives with innovation at the core. Sumi and her team have been very successful in driving the company forward and we very much look forward to working with them as they embark on the next stage of growth.”
eFOLDi was advised by PWC’s specialist SME Raise Team, supported by DWF LLP.
Glen Waters, Head of Raise at PWC who advised on the investment, said: “We are pleased to have been able to support eFOLDi and Sumi Wang throughout this process. It is fantastic to see Guinness partner with the eFOLDi management team to support the next stage of the company’s development. We look forward to seeing the business realise its growth ambitions with Guinness’ support.”
Guinness was supported by Taylor Vinters LLP, Wilson Partners, and Glenesk Group.https://thiis.co.uk/manufacturer-behind-innovative-efoldi-secures-2-5m-investment-as-it-looks-to-a-new-horizon/https://i1.wp.com/thiis.co.uk/wp-content/uploads/2020/05/efoldi-sumi-jin.jpg?fit=900%2C675&ssl=1https://i1.wp.com/thiis.co.uk/wp-content/uploads/2020/05/efoldi-sumi-jin.jpg?resize=150%2C150&ssl=1Mergers & AcquisitionsNewsroomSupplier NewsTrade NewsAshley Abrahams,crowdcube,crowdfunding,efoldi,Guinness Asset Management,Guinness Fund Manager,investment,Jianmin Wang,mobility scooter,PwC,sumi wang,suntech UKSuntech UK, the company behind the award-winning eFOLDi mobility scooter, has secured a £2.5 million investment from London-based Guinness Asset Management to fuel its next stage of growth. Entering the mobility market in 2017 with the first version of its lightweight folding mobility scooter, Suntech UK (trading as eFOLDi) has...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine