ChargePoint Raises an Additional $22.6 Million in Venture Capital Funding
May 12, 2014
For Immediate Release
CAMPBELL, CA (May 12, 2014) ChargePoint, the largest and most open electric vehicle (EV) charging network, announced today that it has secured an additional $22.6 million in funding. ChargePoint has now raised over $110 million from leading investors, including Rho Ventures, Kleiner Perkins Caufield & Byers (KPCB), Braemar Energy Ventures, Siemens Venture Capital GmbH, Voyager Capital and BMW.
“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,” said Pasquale Romano, ChargePoint’s CEO. “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.”
ChargePoint’s network reaches across the nation with over 17,000 charging ports.
“KPCB partners with companies, like ChargePoint, that define and transform industries,” said Michael Linse, Partner with KPCB. “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.”
ChargePoint’s stations are independently owned, giving station owners flexible pricing and access control. Companies often provide charging to attract and retain customers and employees, while attaining sustainability goals. Through ChargePoint, businesses can realize the financial, employee satisfaction and environmental benefits of offering EV charging.
“With strategic insight into this rapidly expanding market and strong execution, ChargePoint has emerged as an industry leader,” said Mark Leschly, Managing Partner at Rho Ventures. “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.”
ChargePoint’s real-time network information, including the availability of charging locations throughout the nation, is available through the ChargePoint mobile app, online and via the navigation systems in top-selling EVs.
“It is no surprise that ChargePoint has become the pre-eminent EV charging provider,” said Neil S. Suslak, Managing Partner with Braemar Energy Ventures. “ 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.”
ChargePoint operates the world’s largest electric vehicle (EV) charging network, with more than 28,000 spots to plug in and charge. We are transforming the transportation industry by providing the charging stations, mobile apps, analytics and the charging network that allow property owners and drivers to benefit from EV charging. We are also transforming the energy industry by providing intelligent solutions to help people and businesses shift away from fossil fuels and use electricity more efficiently. Our mission is to get all drivers behind the wheel of an EV and provide them a place to charge whether at home, at work, around town or out-of-town.
More than 350 million gas-free miles have been driven on our network, and our drivers have collectively avoided more than 14.5 million gallons of gasoline and 107 million pounds of CO2 emissions.
- Callum Gibson Durr
- Bite Communications for ChargePoint
- (415) 914-5210
About Rho Ventures
Rho Ventures has a multi-stage investing strategy focused on high-growth companies in large markets. Rho Ventures’ investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners’ deep sector expertise and its far-reaching network to assist each portfolio company. This approach has allowed Rho to participate in the growth of some of today’s most innovative and successful companies. The firm has offices in Palo Alto, New York and Montreal, with investments across the globe. For more information, visit www.rho.com.
About Kleiner Perkins Caufiled & Byers
KleinerPerkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build pioneering companies like Amazon, Electronic Arts, Genentech, Google,Nest, Netscape, and Twitter. KPCB offers entrepreneurs years of operating experience, puts them at the center of a vast and influential network, and accelerates their success through expertise and support in recruiting, product design and delivery, business development, strategic partnerships and brandbuilding. KPCB invests in all stages from seed and incubation to growth companies and operates from offices in Menlo Park, San Francisco, Shanghai and Beijing. For more information, visit www.kpcb.com and follow us @kpcb.
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.
For more information
- Alison McIntyre
- Prosek Partners
- (212) 279-3115 x269