Electric vehicle charging app Zap-Map has secured £9m in Series A funding to grow its development team and fund international growth.
Headquartered in Bristol, Zap-Map’s app lets users find and pay for public EV charging points. Zap-Map also publishes data analytics on the UK’s electric vehicle sector.
“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,” said Richard Bourne, chief executive, Zap-Map.
Out of the £9m, £5.3m was deployed by American fuel card and payment provider Fleetcor, with the remaining £3.7m contributed by Wiltshire energy company Good Energy.
According to Zap-Map, it now has a post-money equity value of £26.3m, while its pre-money enterprise valuation stood at £18.35m. Good Energy will now hold a 49.9% shareholding and Fleetcor a shareholding of 19.9%.
Founded in 2014, Zap-Map says that it has over 420,000 registered users.
Nigel Pocklington, chair of Zap-Map and chief executive of Good Energy said: “There are over 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.”
BP earlier this month announced plans to spend up to £50m 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 the launch of its van.
Read more:
EV charging app Zap-Map powers up for international expansion with £9m raise