Just one week after launching its third equity crowdfunding campaign on Crowdcube, POD Point has successfully secured more than £1.1 million from over 600 investors.
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. Since its launch, the company 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.
POD Point 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. The company has had success with using the crowdfunding method in the past, raising over £2 million in total through its previous Crowdcube initiatives and also securing over £1.4 through Seedrs. 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, recently 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.”
Funds from the new campaign will go towards staff/commercial development, ongoing software/hardware development, marketing, and European expansion. It is set to close in mid-March.
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