ChargePoint Raises $22.6 Million In Additional Venture Capital Funding
ChargePoint recently raised $22.6 million of additional funding, reaching a level of over $110 million of total VC funding. To complete this round of $27 million, over $4 million still remains to be secured.
Among the investors are Rho Ventures, Kleiner Perkins Caufield & Byers (KPCB), Braemar Energy Ventures, Siemens Venture Capital GmbH, Voyager Capital and BMW.
Pasquale Romano, ChargePoint’s CEO stated:
“This additional round of funding demonstrates confidence in ChargePoint’s business model and our advanced technology, as well as the EV industry as a whole. With this financial support, ChargePoint will expand our network to enter into new markets and develop new products to coalesce the entire EV charging experience.”
Currently, ChargePoint has over 17,000 charging ports in its network, which are used on average every 10 seconds. ChargePoint already has over 4.5 million charging sessions under its belt.
ChargePoint would like to enter the residential charging station segment, as Forbes reported the CEO said “they’ll be using the new cash to expand its sales force to meet demand and move into residential charging stations. Figuring out how to get into the home will be a big step for the company.”
Michael Linse, Partner with KPCB remarked:
“KPCB partners with companies, like ChargePoint, that define and transform industries. ChargePoint has become a dominant player in a growing industry that they helped create. In this age of accelerating growth of drivers making the switch to electric, ChargePoint serves as a critical part of the EV ecosystem with the largest and most open electric vehicle charging network in the world.”
Mark Leschly, Managing Partner at Rho Ventures commented:
“With strategic insight into this rapidly expanding market and strong execution, ChargePoint has emerged as an industry leader. ChargePoint’s holistic approach results in the most advanced hardware and software, exceptional driver services and a model that makes offering EV charging good for any business. We look forward to continue supporting the company as the industry continues its exponential growth.”
Neil S. Suslak, Managing Partner with Braemar Energy Ventures said:
“It is no surprise that ChargePoint has become the pre-eminent EV charging provider. With superior cloud-based services and an innovative business model, ChargePointwill continue to help meet the needs of today’s EV drivers and accelerate the arrival of millions of new EVs before the decade is out.”
According to a Forbes article, investors believe that by 2020 or 2025 there will be “hundreds of thousands of charging stations” in the U.S. and 90-95% of them will be in ChargePoint network.