Rightcharge raises £500K to scale fleet EV charging payments across Europe

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,

said
Charlie Cook, founder and CEO of Rightcharge.

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.