Electric vehicle charging app Zap-Map raises £9m for international expansion

By on August 8, 2022 0

Electric vehicle charging app Zap-Map has secured £9m Series A funding to grow its development team and fund its international growth.

Based in Bristol, Zap-Map’s app allows users to find and pay for public electric vehicle charging points. Zap-Map also publishes data analysis on the electric vehicle sector in the UK.

“This fundraiser allows us to accelerate Zap-Map’s core mission – to simplify trip planning, finding and paying for electric vehicle charging for current and future electric vehicle drivers,” said Richard Bourne. , CEO of Zap-Map.

Of the £9m, £5.3m was deployed by US fuel and payment card provider Fleetcor, with the remaining £3.7m contributed by Wiltshire energy company Good Energy.

According to Zap-Map, he now has a post-money net worth of £26.3million, while his pre-money business valuation stood at £18.35million. Good Energy will now hold a 49.9% stake and Fleetcor a 19.9% ​​stake.

Founded in 2014, Zap-Map claims to have over 420,000 registered users.

Nigel Pocklington, Chairman of Zap-Map and Managing Director of Good Energy, said: “There are over half a million EV drivers in the UK, and millions more will go electric. in the years to come. It’s a race towards zero-emission transportation and Zap-Map is placed right at the front of the field, where we plan to keep it.

Earlier this month, BP plans to spend up to £50million on an electric vehicle battery research and development facility in Berkshire.

While electric vehicle startup Arrival is reportedly delaying trials of its electric bus and car to focus on launching its van.