Cambridge Start-Up Flit Secures £1.2M to Challenge Brompton in Folding E-Bike Market

A Cambridge-based electric bike start-up has secured £1.2 million in new investment as it looks to ramp up production and take on established brands like Brompton in the competitive folding e-bike market.

Flit, founded in 2016 by Alex Murray, a cycling enthusiast, and Dave Henderson, a former Jaguar Land Rover engineer, has seen demand outstrip supply, with customers currently facing waiting times of up to four months.

New Investment to Drive Growth

The latest funding round was led by ACF Investors and Cambridge Angels, attracting high-profile backers, including Tony Purnell, former head of technical development at British Cycling and an ex-team principal for Jaguar and Red Bull’s Formula One teams.

Flit first gained recognition in 2020 when it received a £214,000 grant from Innovate UK. The funding helped the company develop a pioneering bonding technique for bike frames, eliminating the need for welding. According to Murray, this process results in a lighter and stronger frame by removing the risk of distortion seen in welded components.

The company’s flagship M2 model, which weighs just 14kg, is designed for urban commuters, offering a compact and efficient folding mechanism.

Challenging Brompton’s Market Dominance

Flit’s founders believe their innovative approach to manufacturing and design can help them challenge market leader Brompton, which recently reported a difficult trading year and forecast a pre-tax profit of just £4,602 for 2024.

Unlike many competitors that outsource assembly overseas, Flit manufactures its bikes in Cambridge, ensuring greater control over quality and production.

“Not only did [the bonding process] improve our product, but it also re-imagined how we manufacture,” Murray explained. “We’re hands-on in the factory, which ensures we fully master and control the process. And being in a city that loves bikes puts us close to our core community.”

While raw aluminium and some components are imported, the entire assembly process takes place in Cambridge.

Scaling Up to Meet Demand

With demand growing, Flit’s next focus is on scaling production and reducing waiting times.

“Our next step is to scale up to meet demand,” said Murray. “We want to keep innovating and expanding our presence in the urban cycling market.”

As commuters continue to seek sustainable transport alternatives, Flit hopes its lightweight, locally manufactured e-bikes will carve out a strong position in the expanding micromobility sector.