Zap-Map raises £9 million Series A funding to expand charging app services
Zap-Map, the UK’s leading EV charging app and mapping service, has raised £9 million in a Series A fundraising round.
The funds raised will help the business continue to build its development team and deliver on its ambitious product roadmap with a view to international expansion.
Around 70 per cent of UK EV drivers are registered users of Zap-Map, and the app has seen impressive growth in users as the number of fully electric vehicles in the UK has expanded to over half a million.
The business plans to build on this strong market share by continuing to develop innovative features and services to help support the transition for the millions of drivers who will go electric in the lead-up to the ban on sales of petrol and diesel cars in 2030.
In parallel, the business will be growing revenues in subscriptions, EV charging payments and platform services. With a well-established scalable technical platform and business model, it then plans to move into other global markets.
The Series A fundraise includes a new significant investment from Fleetcor, the leading global fuel card and payment provider, providing a strategic opportunity for growth in the UK fleet market and in markets outside the UK.
This extends Zap-Map and Fleetcor’s existing partnership, which allows customers of the Fleetcor-operated Allstar Electric card to use Zap-Map. Drivers using Allstar Electric can add their card in the Zap-Map app and use it to pay for EV charging via Zap-Map’s payment solution Zap-Pay.
Existing investor Good Energy, which had committed to participating in the round earlier in the year, has invested a further £3.7m. Zap-Map will play a key role in Good Energy’s ambition to help one million homes and businesses cut their carbon by 2025.
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.”
Nigel Pocklington, chairman of Zap-Map and chief executive of Good Energy said: “I’m extremely 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.”
Tom Rowlands, MD of Global EV Solutions for Fleetcor said: “We are excited to be investing in Zap-Map alongside Good Energy, this investment will open up Zap-Map’s market leading capabilities to our UK fleet customers, further demonstrating Fleetcor and Allstar’s commitment to providing best in class EV solutions to the UK market.”
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