AmpUp, a prominent player in the electric vehicle (EV) charging landscape, has successfully secured $15 million in a Series A funding round aimed at bolstering its expansion efforts within the U.S. market. This financial backing is anticipated to fuel innovative advancements in energy management solutions tailored for EV charging.
The funding round was spearheaded by Touchdown Ventures, with participation from a diverse array of investors hailing from the mobility, energy, and finance sectors. This infusion of capital is set to enhance AmpUp’s growth trajectory and solidify its standing as a frontrunner in the EV charging industry.
Key Highlights from the Funding Round
- $15 million raised in Series A funding, led by Touchdown Ventures.
- New investors include Autotech Ventures, MUUS Climate Partners, and others.
- AmpUp has experienced a remarkable 7x growth in subscription revenue over the past two years.
- The company has tripled its EV port management and utilization during the same timeframe.
- A strategic partnership with WEX aims to enhance payment solutions for fleet customers.
- AmpUp has captured 4% of the U.S. commercial Level 2 (L2) charging station market within just three years.
- The company currently serves over 1,000 customers across the U.S. and Canada.
- Recent leadership appointments include Mike DiNucci as Chief Revenue Officer, Randa McMinn as Chief Marketing Officer, and Reeve Harde as Head of Finance.
Strategic Leadership Appointments
AmpUp’s rapid expansion is further supported by the strategic addition of key leadership figures. Mike DiNucci has joined the company as Chief Revenue Officer, bringing extensive experience in the EV charging sector. Randa McMinn has been appointed as Chief Marketing Officer, leveraging her deep understanding of partnerships with site owners. Reeve Harde has also come on board as Head of Finance, tasked with enhancing AmpUp’s financial strategy.
Partnership with WEX
One of the notable developments in AmpUp’s growth strategy is its recent partnership with WEX, a move designed to streamline payment solutions for fleet customers. This collaboration is expected to boost revenue streams and increase the utilization of charging stations, further solidifying AmpUp’s position in the market.
Market Presence and Growth
In just three years, AmpUp has achieved a commendable 4% market share of the U.S. commercial L2 charging stations, serving a clientele of over 1,000 customers across North America. The company’s impressive growth metrics underscore its commitment to enhancing EV charging infrastructure and services.
New Board Members
As part of the Series A funding initiative, AmpUp has welcomed three new board members: Greg Bergamesco from Touchdown Ventures, Ivy Nguyen from Autotech Ventures, and David Jackson, AmpUp’s Chief Operating Officer. Additionally, Logan Grizzel, a partner at MUUS Climate Partners, has joined as a board observer, further enriching the company’s governance structure.
Future Prospects
AmpUp is poised for continued success in the EV charging sector, with its advanced platform strategically positioned to capture a growing share of the electric vehicle infrastructure market. The company remains dedicated to simplifying the EV charging experience through innovative technology and energy management solutions, ultimately contributing to a cleaner and more efficient energy grid.
As the demand for electric vehicles surges, AmpUp’s initiatives and strategic partnerships position it well to meet the needs of an evolving market, driving the transition towards sustainable energy solutions.
