Bristol electric vehicle (EV) charging company Zap-Map has secured £9m in a Series A funding round.
The firm, which runs an app and digital platform that allows users to find EV charging points, was valued at £26.3m following the raise.
The company received a £3.7m investment from its majority shareholder, Wiltshire-based Good Energy, and a £5.3m investment from new investor Fleetcor UK Acquisition.
The funds raised are expected to fuel the expansion of Zap-Map’s development team to deliver its product roadmap and could pave the way for the company’s international expansion, the firm said.
Good Energy said its participation in the round was in line with its strategy to build a platform which “makes it simple” for people to generate, share, store, use and travel with clean power.
Earlier this year, Good Energy agreed to sell its wind and solar generation assets for £21.2m . The company proceeded with the sale despite a challenge from rival supplier Ecotricity , which has a 25% stake in the company. Good Energy’s disposal of its renewable portfolio is part of a strategic shift towards energy and mobility services, driven by further investment in Zap-Map.
Nigel Pocklington, chair of Zap-Map and chief executive of Good Energy, said: “I’m very excited to announce this new investment, which is a huge boost for Zap-Map’s growth plans.”
Richard Bourne, who was appointed chief executive of Zap-Map in March , said the fundraise would allow Zap-Map to accelerate its “core mission”. “[We want to make] it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging,” he said.
“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.”
Following the transaction, Good Energy will have a significant minority 49.9% shareholding and Fleetcor will have a shareholding of 19.9%.
Good Energy, which is based in Chippenham, originally invested £1.08m for a 50.1% stake in March 2019, with a further £1m investment via a convertible loan note in April 2021. Its latest investment has been funded from its existing cash reserves.
For the period to December 31, 2021, Zap-Map made a financial loss of £1.1m.
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