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Presto, an all-in-one EV charging platform, has secured $15 million in seed funding to enhance its charging network and expand partnerships with fleets, including Uber, Avis, Hertz, and Zipcar. The funding round was led by Union Square Ventures, Congruent Ventures, Powerhouse Ventures, and Jetstream. Presto’s platform simplifies EV charging by allowing fleets to locate, charge, and pay for charging across a vast network of public charging stations via its app and APIs.
Key Highlights:
- Presto’s platform enables seamless EV charging by aggregating multiple charging networks into one app.
- Uber, Avis, Hertz, and Zipcar use Presto to streamline charging for their electric fleets.
- Machine-learning technology helps fleets find the most reliable and available chargers in real time.
- Fleet adoption of EVs is growing, with 9% of U.S. car sales being electric as of Q3 2024.
- Charging partners benefit from increased charger utilization and fleet onboarding.
- Presto’s funding will drive expansion, new integrations, and enhanced platform capabilities.
Founded in 2023 by former Uber executives J.J. Raynor and Ashwin Dias, Presto addresses a critical issue in the EV market: the complexity of finding and paying for charging across multiple networks. The U.S. now has over 200,000 public charging stations operated by 50+ different companies, each with unique software and payment systems. Presto simplifies this by offering a single interface for fleets to charge without navigating multiple apps.
“Presto addresses a critical gap in the EV ecosystem—a unified and effortless charging experience—that enables fleets and their drivers to charge across networks,” said J.J. Raynor, co-founder and CFO of Presto.
Strong Partnerships with Leading Fleets
Large fleets have seen immediate benefits from Presto’s platform. Avis, Hertz, and Zipcar provide the Presto app to EV renters for seamless charging. Uber drivers receive special EVgo pricing while accessing chargers across multiple networks.
“J.J. and Ashwin saw a problem that EV rideshare drivers deal with every day and they jumped in to fix it,” said Rachel Pinkham, Head of US&C Electrification Operations at Uber.
“Easily accessible EV charging is crucial for a smooth member experience,” added Will Sowers, Senior Manager of Public Partnerships and Policy at Zipcar.
Boosting Charging Infrastructure Efficiency
For charging network operators, Presto helps increase fleet-driven charger utilization while optimizing operations. With fast-charger installations costing between $116,000 and $167,000, maximizing use is crucial.
“Presto has made onboarding new fleet customers easy for us,” said Kate Gridley, Business Development Lead at EVgo.
Nick Grossman, partner at Union Square Ventures, emphasized Presto’s potential, stating, “Presto’s traction with both fleets and charge point operators speaks to the urgency and size of the opportunity.“
With its new funding, Presto plans to scale operations, onboard more fleets, and expand its partnerships, further supporting the transition to widespread EV adoption.
Learn more at www.prestocharging.com.
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