An EV charging specialist has completed a £9m Series A fundraising as part of plans to accelerate its proposed growth.
Bristol-based Zap-Map is an app and digital platform for EV drivers to search for charge points, plan longer journeys, pay on participating networks and share updates with other drivers.
It attracts more than 250,000 UK users per month from a growing fleet of more than 510,000 pure-EVs and 400,000 plug-in hybrids.
The Series A – which values Zap-Map at £26.3m post-money equity value – includes a further £3.7m investment from Good Energy and a £5.3m from new investor Fleetcor UK Acquisition, a global fuel card and payment provider with a $17bn market cap.
Zap-Map’s commercial goals include building on its paid-subscription services and initiating international expansion. The funds raised are also expected to fuel the expansion of its development team to build its product roadmap and could pave the way for international expansion.
Richard Bourne, chief executive of Zap-Map, said: “This fundraising round allows us to accelerate Zap-Map’s core mission – making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging.
“Good Energy has proven a powerful partner to date and we are delighted to have a new strategic collaboration with Fleetcor, which will supercharge our ambition to accelerate the provision of services to the fleet market and allow us to look ahead and expand internationally.”
Nigel Pocklington, chair of Zap-Map and chief executive of Good Energy, added:
There are more than half a million EV drivers in the UK, with millions more switching to electric in the coming years.
“It is a race towards zero-emission transport and Zap-Map is placed right at the front of the field, where we plan to keep it. Bringing on a partner with the scale and compatibility of Fleetcor ensures that that is possible, opening up further possibilities in international payments and fleet electrification.”
Investec Bank is Good Energy’s nominated adviser, as well as joint broker alongside Canaccord Genuity.
