EV Charging Platform AmpUp Closes $15M Series A Funding

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Sep 26, 2024, 09:00 ET

Funding to Accelerate AmpUp's Market Expansion and Advance Energy Management Innovation in EV Charging

SANTA CLARA, Calif., Sept. 26, 2024 /PRNewswire/ -- AmpUp, a leading electric vehicle (EV) charging platform company, today announced the successful closing of its Series A round, securing $15 million in Series A funding. This investment will fuel AmpUp's aggressive U.S. market expansion and drive continued innovation in energy management solutions for the EV charging sector.

AmpUp Executive Team: (Back row, from left: Bob McGrath, Reeve Harde, Tom Sun, Ganeshram Nagarajan, Mike DiNucci; Front row, from left: Randa McMinn, David Jackson)

Touchdown Ventures led the latest funding round, showcasing strong investor confidence in AmpUp's growth potential. Additional new investors included Autotech Ventures (Autotech), MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others.

AmpUp's Growth Trajectory

AmpUp has demonstrated remarkable growth over the past 24 months, with subscription revenue surging by over 7x, while EV port management and charging port utilization have tripled. The company's recent partnership with WEX is poised to further accelerate this momentum by enhancing charger utilization and revenue streams by enabling integrated payment solutions for fleet customers. AmpUp's expansion has solidified its position as a leader in the EV charging sector, capturing 4% of the U.S. commercial Level 2 (L2) charging market in just three years. Today, AmpUp proudly serves over 1,000 customers across the U.S. and Canada, positioning itself at the forefront of the industry's rapid evolution.

This latest funding round builds on AmpUp's recent strategic moves, adding industry-leading talent to its executive team. Mike DiNucci, a veteran of the electric vehicle charging industry, joined as chief revenue officer, bringing invaluable experience from his early days at ChargePoint. With her deep expertise in working with site owners, Randa McMinn takes on the chief marketing officer role. And Reeve Harde, a proven leader in energy sector investments, strengthens AmpUp's financial foundation as head of finance. These strategic appointments position AmpUp for accelerated growth and continued electric vehicle charging market leadership.

"AmpUp is an American leader in electric vehicle charging software. They have a strong technical team, in our view a best-in-class product, and top-tier channel partners," said Greg Bergamesco, managing director at Touchdown Ventures. "We believe AmpUp's sophisticated charging platform is well-positioned to capitalize on a growing market for electric vehicle infrastructure in the foreseeable future."

"We are thrilled to close our Series A funding round with the support of such esteemed investors," said Tom Sun, CEO and co-founder of AmpUp. "This funding validates our innovative approach to EV charging and provides us with the resources to accelerate our growth and further develop our energy management solutions. The diverse expertise of our investors, spanning mobility, manufacturing, payments, and energy sectors, positions us uniquely to address the complex challenges of EV infrastructure."

Welcoming New Board Members

With the Series A completion, AmpUp welcomes three new members to its Board of Directors:

Greg Bergamesco, managing director, Touchdown Ventures: Mr. Bergamesco is a leader in Touchdown's built-world practice group and brings extensive expertise in Mobility, Electrification, and Energy.
Ivy Nguyen, principal, Autotech Ventures: Ms. Nguyen and the Autotech Ventures team are the world's leading mobility investors, having previously supported their portfolio companies like Lyft and Volta through successful exits via Initial Public Offerings.
David Jackson, COO, AmpUp: Mr. Jackson is a technology leader with 17 years at Amazon in roles across Operations, Retail, and Devices. Most recently, he led product and engineering for Amazon's Alexa Core Smart Home before joining AmpUp as its COO. He has a passion for climate tech and has years of experience advising and investing in the space.

AmpUp is also excited to announce the addition of Logan Grizzel, partner at MUUS, as a board observer and key advisor to the company. Mr. Grizzel's decade of automotive experience at Toyota Motor Corporation will be a valued asset in supporting AmpUp's growth and maturity over the coming years.

About AmpUp

AmpUp makes charging effortless. Our mission is to power the EV revolution by radically simplifying EV charging with smart technology solutions that balance energy usage, resulting in a cleaner, smarter grid. In three years, our software has rapidly captured 4% of the U.S. commercial L2 market while maintaining an industry-leading 98.5% charging session success rate and 99.9% uptime. With headquarters in Santa Clara, CA, AmpUp's network of thousands of EV charging stations has been deployed for customers across North America, including JLL, CBRE, Domino's Pizza, Goodyear, Under Armour, Hilton, and more. For more information on AmpUp, visit www.ampup.io. For marketing inquiries, please contact [email protected].

SOURCE AmpUp