Funding will be used to drive expansion in the fast-growing electric vehicle market. Andersen grew revenues by over three and a half times in the year to February 2020 and is well-positioned to benefit from a ‘green’ recovery post-COVID-19
Mobeus has invested £1 million growth capital into Andersen EV, which designs aspirational, sleek electric vehicle charge points. Andersen EV uses industrial-grade electronics to deliver enhanced performance as well as advanced software for a range of smart charging functionality.
The electric vehicle (“EV”) market grew by 132% in the year to May 2020, compared to a 58% drop in sales of petrol and diesel vehicles, over the same period. Andersen has established an attractive position in the market and has several prestigious OEM partnerships.
The EV market has demonstrated resilience in the new COVID-19 environment, illustrated by Andersen logging its record trading day in June. Electric vehicles are expected to continue their strong growth as a proportion of total vehicle sales, as adoption is also likely to benefit from significant environmental policy introduction, relating to decarbonisation and air quality, across Europe, with similar measures expected to follow in the UK.
Andersen was introduced to Mobeus via the Women in VC network. As part of the transaction, Mobeus has introduced Rob Mouser as Executive Chair. Rob led previous Mobeus investment Plastic Surgeon to a 5.6x money exit in 2019.
Mobeus Investment Director, Jane Reoch, led the deal, supported by Amaad Mahmood and Katia Mendonça.
“We have a very clear philosophy, which meant finding the right investment partner, who really understood what drives us, was crucial. Going electric is a choice to embrace a sustainable future and we see EV chargers being at the centre of everyone’s smart energy home. This additional funding means that we are very excited about the next stage in our growth journey.” Jérôme Faissat, Andersen EV Co-founder CEO
Jane comments: “Andersen has grown rapidly in an attractive market space. The team immediately impressed us with a high end product, best in class software and top tier OEM partnerships.“
Mobeus was advised by HMT LLP (Financial DD), Boyes Turner (Legal), Scoptima (Operational) and Baringa Partners (Commercial).