Guinness Asset Management has invested in Suntech UK, the company behind eFoldi.
In a move made as part of the investment, Guinness fund manager, Ashley Abrahams, will join the board of directors alongside experienced non-exec chairman, Kevin Ronaldson.
Ashley Abrahams, fund manager at Guinness, commented: “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.”
While Sumi Wang, CEO of eFOLDi, added: “We are extremely pleased to welcome Guinness onboard our exciting eFOLDi journey. Guinness is one of very few investors who has combined expertise 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.”
Guinness was supported by Taylor Vinters LLP, Wilson Partners, and Glenesk Group while eFOLDi was advised by PWC’s specialist SME Raise Team, supported by DWF.