Guinness Asset Management (“Guinness”) has invested in Suntech UK (trading as “eFOLDi”). eFOLDi is a design, inventions and manufacturing company specialising in innovative and lightweight mobility devices created to transform lives. Winner of The British Invention of the Year Award, the Surrey based business has been built off the back of the industry-changing eFOLDi Folding Mobility Scooter (the lightest in it’s class) leading to two years of rapid sales growth. There are plans to launch an even lighter model this year. It is eFOLDi’s mission to build an iconic brand for people with reduced mobility symbolising freedom, friendship and fun! 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.
eFOLDi is led by its ambitious and driven CEO, Sumi Wang, who helped design the original folding mobility scooter with her father, Jianmin Wang. Together, they have designed a product that is the best in class for lightweight mobility scooters. They serve the rapidly expanding market of people with reduced mobility, whether through age or illness, who wish to maintain as much independence and flexibility as possible. The eFOLDi folds to the size of a suitcase, ideal for transport and storage, and provides customers of all ages with a new lease of life.
Ashley Abrahams, Fund Manager at Guinness, 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.”
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 expertises in hardware manufacturing and personal mobility industries, and therefore will add tremendous value in the next stage of eFOLDi 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.”
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.
eFOLDi was advised by PWC’s specialist SME Raise Team, supported by DWF LLP.
Published: 27th May 2020