AUG 08, 2022
Bristol Electric vehicle (EV) charging firm Zap-Map has raised PS9m in the Series A round of funding.
The firm, which has an app and a digital platform that lets users locate EV charging stations is valued at PS26.3m after the raise.
The company was awarded an PS3.7m contribution from the company's major shareholder of the Wiltshire-based Good Energy.
The money will be used to be used to expand Zap-Map's development team , which will be able to provide its product roadmap.
It could also help in the direction of Zap-Map's expansion into other countries, the company stated.
Good Energy said its participation in the round was accordance with its plans to develop a platform that "makes it simple" for individuals to generate and share.
This year Good Energy agreed to sell its solar and wind generators for PS21.2m.
The company went ahead in the sale despite being challenged by a competitor supplier Ecotricity which holds an interest of 25% within the firm.
The sale of Good Energy's Renewable portfolio of assets is part an effort to shift its focus towards mobility and energy services, that is driven by further investments in Zap-Map.
Nigel Pocklington, chair of Zap-Map and the chief executive officer for Good Energy, said: "I'm very excited to announce this new investment.
Richard Bourne, who was named chief executive at Zap-Map in March, said the fundraiser would allow Zap-Map to advance the pace of its "core mission".
By Electrekvs
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