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AmpUp, a leading electric vehicle (EV) charging platform, has raised $15 million in its Series A funding round. The investment will support the company’s U.S. market expansion and further innovations in energy management solutions for EV charging. Led by Touchdown Ventures, the funding round included prominent investors from sectors such as mobility, energy, and finance. With this capital, AmpUp plans to accelerate its growth and strengthen its position as a leader in the EV charging space.
Key Highlights
- $15 million Series A funding led by Touchdown Ventures.
- New investors include Autotech Ventures, MUUS Climate Partners, and more.
- AmpUp’s subscription revenue grew 7x in the past 24 months.
- The company tripled EV port management and utilization in that same period.
- Partnership with WEX to enhance fleet payment solutions.
- 4% market share of U.S. commercial Level 2 (L2) charging stations achieved in just three years.
- Serving over 1,000 customers across the U.S. and Canada.
- Strategic leadership additions with Mike DiNucci as Chief Revenue Officer, Randa McMinn as Chief Marketing Officer, and Reeve Harde as Head of Finance.
AmpUp’s rapid growth is further bolstered by new strategic appointments. Mike DiNucci, with a wealth of experience in the EV charging industry, joined as Chief Revenue Officer, while Randa McMinn became Chief Marketing Officer, bringing deep expertise in site owner partnerships. Additionally, Reeve Harde joined as Head of Finance to strengthen AmpUp’s financial strategy.
The company’s impressive progress includes a recent partnership with WEX, aimed at integrating payment solutions for fleet customers, which is expected to increase revenue streams and charger utilization. AmpUp currently holds 4% of the U.S. commercial L2 market, serving over 1,000 customers and showcasing significant momentum in the sector.
As part of the Series A funding, AmpUp welcomed three new board members: Greg Bergamesco from Touchdown Ventures, Ivy Nguyen from Autotech Ventures, and David Jackson, AmpUp’s COO. Additionally, Logan Grizzel, partner at MUUS Climate Partners, joined as a board observer.
AmpUp continues to make strides in the EV charging sector, with its advanced platform positioned to capture a growing share of the electric vehicle infrastructure market. The company’s mission remains focused on simplifying EV charging through smart technology and energy management solutions, driving the transition to a cleaner and more efficient energy grid.
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