A Cambridge-based start-up that designs and manufactures folding electric bikes has secured £1.2 million in fresh investment, aiming to ramp up production in a bid to rival market leader Brompton.
Flit, founded in 2016 by cycling enthusiast Alex Murray and former Jaguar Land Rover engineer Dave Henderson, says demand for its models far exceeds current supply, with customers facing a wait of up to four months.
The new funding round was led by ACF Investors and Cambridge Angels, and attracted high-profile backers, including Tony Purnell, former head of technical development at British Cycling and once a team principal for Jaguar’s and Red Bull’s Formula One outfits.
Flit first gained traction with a £214,000 grant from Innovate UK in 2020, money it used to pioneer a new technique for bonding bike frames without welding. According to Murray, this process delivers a lighter and more robust frame by eliminating the distortion risk seen in welded parts. The company’s M2 model weighs just over 14kg and folds easily, making it well-suited for the commuter market.
“Not only did it improve our product, but it also re-imagined how we manufacture,” Murray said, explaining the decision to base production in Cambridge. “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.”
Although Flit imports the raw aluminium and certain components, the entire assembly process takes place in Cambridge. The aim is to challenge Brompton’s long-established foothold in the market; Brompton recently reported a difficult trading year, forecasting a pre-tax profit of just £4,602 for 2024.
Murray, a passionate cyclist who has ridden across America and China, hopes Flit’s growing order book and new manufacturing approach will help it capture a bigger slice of the urban cycling market. “Our next step is to scale up to meet demand,” he said, highlighting the company’s intention to reduce waiting times and continue expanding its market presence.
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Folding bike pioneer Flit raises £1.2m to challenge Brompton’s dominance
