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§ Private Profile · Madrid, Spain
Electric mobility company that develops and sells electric bikes and motorcycles for urban and micromobility, serving individual consumers.
Fuell has raised $3.0M across 2 funding rounds.
Key people at Fuell.
Fuell was founded in 2019 by Eduardo Ortiz de Lanzagorta Gonzalez (Founder).
Fuell has raised $3.0M in total across 2 funding rounds.
Fuell is a New York City-based electric mobility company that develops and sells premium electric bicycles and motorcycles specifically designed for urban commuting. The company targets individual consumers seeking micromobility solutions, distributing its vehicles directly through e-commerce channels and major crowdfunding platforms like Indiegogo. Operating with fewer than 25 employees and generating under $5 million in annual revenue, the firm successfully raised approximately $1.5 million for its Flluid e-bike models and an additional $3 million in crowdfunding for its Fllow motorcycle. Despite these initial capital raises, the enterprise accumulated roughly $7 million in total debt and subsequently filed for Chapter 7 bankruptcy in October 2024, leading to a final asset auction that recovered approximately $170,000. The mobility startup Fuell was originally founded prior to 2020 by Erik Buell, François-Xavier Terny, and Frédéric Vasseur.
Key people at Fuell.
Fuell has raised $3.0M across 2 funding rounds. Most recently, it raised $2.0M Seed in July 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 1, 2022 | $2M Seed | — | 99 Startups, HI Ventures, Alpha4 Ventures, Canaan Partners, Coatue, FasterCapital, Global Founders Capital, Latitud, Monashees, Hans Tung, Picus Capital, Silence, Torch Capital, Xochi Ventures, Y Combinator, Anna Yuan, Ariel Lambrecht, David Vélez, Justin Mateen, Karim Atiyeh, Manolo Atala, MIK Attisani, Nicky Goulimis, Oliver Jung, Philippe Teixeira DA Mota, Ricardo Weder, Sahin Boydas, Sergio Furio | Announced |
| Jun 1, 2021 | $1M Seed | — | Pareto Holdings, John Hennessy, RAY Wirta | Announced |
Fuell was founded in 2019 by Eduardo Ortiz de Lanzagorta Gonzalez (Founder).
Fuell has raised $3.0M in total across 2 funding rounds.
Fuell's investors include 99 Startups, ALLVP, Alpha4 ventures, Canaan Partners, Coatue, FasterCapital, Global Founders Capital, Latitud, monashees, Hans Tung, Picus Capital, Silence.
Fuell is a leading expense management solution that modernizes finance for small and medium-sized enterprises (SMEs) by integrating intelligent corporate cards with expense management software into a single unified platform. It offers features such as physical and virtual corporate cards, real-time expense visibility, budget management, automatic expense reconciliation, VAT recovery, ERP integration, and business intelligence tools. Fuell serves companies looking to simplify and automate employee expense processes, saving time and reducing administrative burdens. The company has demonstrated strong growth momentum, culminating in its acquisition by Barcelona-based HR software unicorn Factorial in 2023, which aims to integrate Fuell’s financial product into its all-in-one business management platform serving over 500,000 users globally[1][2][4].
Founded in 2019 in Madrid, Spain, Fuell was created by Eduardo Ortiz de Lanzagorta Gonzalez, an entrepreneur with prior experience founding a VC-backed fintech and co-founding a leading seed fund in Spain. Eduardo’s personal frustration with managing company expenses inspired him to build Fuell as the corporate card with built-in expense management software he wished existed. Fuell participated in Y Combinator’s Winter 2022 batch, gaining early traction as a fast-growing startup in the expense management sector. The company’s growth and innovative approach attracted acquisition interest, leading to its purchase by Factorial in 2023, which plans to leverage Fuell’s technology and team to expand its financial services offering[2][4][5].
Fuell rides the growing trend of digitizing and automating financial operations for SMEs, a segment historically underserved by complex or fragmented expense management solutions. The timing aligns with increasing demand for integrated business management platforms that combine HR, finance, and operational tools to improve efficiency and employee empowerment. Market forces such as the global expense management software market’s projected 9% CAGR and the rise of remote and hybrid work models further favor Fuell’s solution. By joining Factorial, Fuell contributes to the evolution of all-in-one platforms that blur traditional boundaries between HR and finance, influencing the broader ecosystem toward seamless, employee-centric business management[4][5].
Following its acquisition by Factorial, Fuell is positioned to accelerate its vision of revolutionizing expense management by leveraging Factorial’s extensive resources and global user base. Future trends shaping Fuell’s journey include continued integration of financial and HR services, increased automation through AI and business intelligence, and expansion into new markets. Fuell’s influence is likely to grow as part of a comprehensive business management suite, setting new standards for how SMEs manage employee expenses and budgets in a unified, efficient manner. This integration exemplifies the shift toward holistic platforms that address multiple operational needs under one roof, promising faster innovation and broader adoption[4][5].
