We have closed a €10M Series A funding round to scale our range prediction and EV routing technology to North America and prepare commercial fleets for electrification. The round was led by HSBC Asset Management with participation from Riverstone and follow-on investments from Vindeggen, Axel Springer Porsche, and Blue Bear Capital.
This funding is a massive step towards our mission to accelerate the advent of sustainable transportation by developing the missing tools that help people and businesses switch to electric mobility.
Learn more about our mission here.
What is the funding for?
Already routing about 15% of EV drivers in Europe in 2022, this new investment will enable us to bring our technology to North America and to commercial fleets planning their electrification. Chargetrip has had huge success in Europe, and this funding will enable us to expand and grow.
With a now rapidly growing market for both private and commercial electric vehicles in North America, we can bring our 6+ years experience routing EVs in the most mature markets in Europe to the emerging markets of North America.
“With this new round, we are doubling down to prove our technology doesn’t just tackle range and charge anxiety,” said Chargetrip CEO, Gideon van Dijk “but it also slashes the costs for fleets that take the electrification plunge. Our goal is to make owning and operating EVs, privately or commercially, efficient, reliable, and seamless.”
Christophe Defert, Head of Climatech Investments at HSBC Asset Management said, “We are pleased to support Chargetrip on their Series A fundraise. As fleet operators and auto OEMs rapidly electrify their vehicles, Chargetrip’s routing and planning technology make charging intelligent, transforming the driver experience and optimizing fleet operations. The future of electric powered fleets will not only be about building the charging infrastructure, but also orchestrating those fleets with new dispatching and telematics technology, which Chargetrip brings together.”
What will Chargetrip do for commercial fleets?
Chargetrip will provide new tools to fleets for them to quickly and easily capture the data they need to make decisions around vehicle models, battery capacity, and charge infrastructure. Our technology can be easily leveraged by fleets to give them a full picture of how they can electrify. They can understand exactly how much energy they will need, where and when, based on completing their tours with any given EV model.
Going forward, we will help fleets go beyond their planning into operation and orchestrate their fleet. Our technology easily slides into existing fleet management tools, meaning that fleets will be able to route and manage their electric fleets seamlessly. With our intelligent routing and range prediction, fleets will easily optimize routes for cost, time, and driver experience.
Learn more about Chargetrip for commercial fleets here.
Why do they need Chargetrip?
With widespread bans and regulations on ICE commercial vehicles coming into effect around the world, commercial fleets must switch to electric vehicles. But this is no easy task. It requires a complete paradigm shift from how they are used to operating.
Setting up and running an EV fleet is dramatically more complex than an ICE fleet. Operating ICE vehicles is predictable. They are able to quickly refuel with petrol or diesel just about anywhere, very quickly. Operating EVs today is much more unpredictable.
Not only does charging take much longer than fueling, but there are far more factors impacting range such as vehicle model, battery capacity, weather conditions, load weight, and more. Without the abundant and standardized infrastructure that exists for ICE vehicles, fleets need to plan and often build charge infrastructure. Not to mention, they have to do all of this as efficiently and cost-effectively as possible.
What does this funding mean for the team?
This added funding is great for the whole team. It means more resources for employees and teams to use to improve their work like new tools and budgets. And it means that our team itself is growing! By the end of 2023, we expect to nearly double in size, adding new colleagues to our team across many many areas. We are now looking for ambitious people to join us in engineering, design, HR, and more!
See our open positions here.
Media information
To request a full press kit and/or interview, email Noah Tompkins, Communications Manager at noah.tompkins@chargetrip.com.