Zap-Map, the UK’s leading EV charge point mapping service, has completed a £9m Series A fund raise.
The deal, which includes a further £3.7m investment from Good Energy and a £5.3m investment from new strategic investor Fleetcor UK Acquisition, values Bristol-based Zap-Map at £26.3m.
The funds will 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.
Richard Bourne, chief executive of Zap-Map, said: “This fundraising round allows us to accelerate Zap-Map’s core mission – making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging.
“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.”
Fleetcor processes billions of electronic transactions a year and recorded annual revenue of $2.8 billion in 2021.
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Its strategic investment builds on an existing partnership which sees Fleetcor’s Allstar Business Solutions integrated into Zap-Map’s Zap-Pay product, which is designed to make EV charging payment simple. Zap-Pay has already integrated with nine charging networks.
Good Energy’s participation in the round is 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 as part of its plan to help one million homes and businesses cut carbon levels by 2025.
Following the transaction, Good Energy will have a minority 49.9 per cent shareholding and Fleetcor will have 19.9 per cent.
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.
“There are over half a million EV drivers in the UK, with millions more switching to electric in the coming years. It is a race towards zero-emission transport and Zap-Map is placed right at the front of the field, where we plan to keep it.
“Bringing on a partner with the scale and compatibility of Fleetcor ensures that that is possible, opening up further possibilities in international payments and fleet electrification.”