Electric car charging firm launches £1.5m crowdfunding drive
An electric vehicle charging point supplier has launched a £1.5m crowdfunding drive as part of a £9m fundraising round.
POD Point has already secured a further £7.5m funding led by VC firm Draper Esprit who have stumped up £3m of new shares.
Barclays Capital are providing £2m in venture debt while POD has also managed to raise £550k from an assorted of angel investors.
The rest of the £9m will be made up of Crowdcube investments.
This will be the third time the London firm has raised money on the platform, following two previously successful rounds which raised a total of £3.3m.
POD Point intends to use the cash to expand its charging points across the UK.
Erik Fairbairn, CEO, POD Point said: “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: “POD point is leading the charge in the EV infrastructure market in the UK and Europe. 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.”