POD Point, a UK based charge point suppliers for electric vehicles that claims to be leading the European market, has launched its third equity crowdfunding campaign on Crowdcube. The company is seeking £1.5 million, which will be part of a larger £9 million fundraise led by venture capital firm Draper Esprit, who are investing £3 million for new shares and £2 million for secondaries. Pod Point secured over £2 million through its previous Crowdcube initiatives and also raised over £1.4 through Seedrs.
As previously reported, POD Point designs and manufactures electric vehicle (EV) charge points that can be used in the home or for public use. The charge points are connected to the startup’s cloud-based management system, which enables recurring revenue from the network. The company revealed:
“At POD Point, we believe travel shouldn’t damage the earth so we’re enabling the mass adoption of electric vehicles. Our mission is to put an electric vehicle charge point everywhere drivers park for an hour or more.”
Since its launch, POD Point has supplied over 44 million miles through its ecosystem, has shipped more than 27,000 charge points, and was listed in the Sunday Times Tech Track 100 list of the UK’s fastest growing technology companies two years running.
Most recently, the company captured £7.5 million in funding from Draper Espirt and Barclays Capital. POD Point reported that the new investment would help create 50 new jobs in the UK and continue its expansion into the UK and Europe. Founder of POD Point, Erik Fairbairn, stated:
“This is a significant milestone for a sector that has been gathering momentum for some time. The way people use cars is changing and how they are powered is at the epicentre of that. Travel shouldn’t damage the earth, which is why we are building the most advanced intelligent charging network in the UK, the POD Point Open Charge Network.”
Simon Cook, CEO of Draper Esprit, added:
“We not only think that the EV market will develop at pace over the next decade, but that POD point is set to play a significant role in enabling adoption. We are proud to be backing a company who are committed to creating cleaner cities and mitigating climate change.”
Funds from the Crowdcube campaign will be used for staff/commercial development, ongoing software/hardware development, marketing, and European expansion. Since its launch, the initiative has raised over £665,000 from nearly 350 investors. It is set to close mid-March.
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