UK EV charging payments startup Rightcharge has raised £500,000 in growth funding to expand across Europe and further develop its platform for managing fleet charging payments. The round was led by existing investor Soulmates Ventures, with participation from BlackWood Ventures and Purple Ventures.
Rightcharge provides a platform that brings home and public EV charging payments into a single system for fleet operators. The technology automatically reimburses drivers for electricity used to charge company vehicles at home through their energy bills, while giving fleet managers visibility into charging costs and emissions.
The company is addressing the administrative challenges associated with managing EV charging as corporate fleets electrify. Public charging remains fragmented across different networks, while reimbursement for electricity used at home can involve manual processes for both drivers and fleet operators.
Rightcharge says fleets using its platform can reduce charging costs by up to 90 per cent and carbon emissions by around 30 per cent, while reducing the administrative work associated with processing charging expenses.
Over the past year, the company says it has increased annual recurring revenue more than twentyfold and grown to more than 200 direct fleet customers. It has also signed its first five agreements to license its home charging reimbursement technology to fleet suppliers.
"The response from customers over the past year has confirmed we're solving a huge problem for fleets. Having surpassed our most ambitious growth projections since our seed round, this funding will help us expand the service across Europe by giving more fleet suppliers access to our Rightcharge home reimbursement platform, and continue to improve the product,"
The new funding will be used to expand customer acquisition, deepen strategic partnerships and further develop the platform as Rightcharge grows across Europe and prepares for a future Series A round.
