AmpUp Secures Additional Capital From Leading Venture Funds
AmpUp to scale operational and technical capabilities with new fundraise
Electric vehicle charging provider AmpUp has secured additional capital led by investment firms Goodyear (NASDAQ: GT), Foothill Ventures, and TechNexus Venture Collaborative.
Secured less than one year from AmpUp’s initial seed raise, AmpUp plans to use the new capital to scale operational and technical capabilities to meet growing sales demand.
“We’re excited to welcome new investment partners to help AmpUp achieve our mission of increasing charge station access across North America,” said Thomas Sun, CEO and Cofounder of AmpUp. “Our software tools and mobile app give EV drivers and station hosts a consistent and user-friendly experience, and we can’t wait to put these products in the hands of more customers.”
The AmpUp product line provides an easy way to manage electric vehicle charging stations for property owners, utilities, and fleets. Founded in 2018, AmpUp’s solutions serve thousands of EV drivers and charge station owners across North America and abroad.
“It’s important to provide consumers and fleets with solutions that unlock the full potential of electric vehicles, so it was logical to establish a relationship with AmpUp,” said Abhijit Ganguly, managing director, Goodyear Ventures. “Recent advancements in the electrification of mobility have continued to demonstrate the need for reliable charging solutions, and Goodyear is pleased to collaborate with AmpUp to meet this growing demand.”
The company’s fundraising round comes off the back of achieving major milestones this year, including a 160 charge station project in downtown Los Angeles and EV charging pilots with major utilities National Grid, Pacific Gas & Electric, and Green Mountain Power. Firms backing the new round will join past investors YCombinator, Hyundai, SAIC Motor, and iSun Inc. (NASDAQ: ISUN) to name a few.