AmpUp, a leading electric vehicle (EV) charging platform company, announced the closing of its Series A round at $15 million. This funding will fuel AmpUp’s aggressive U.S. market expansion and drive continued innovation in energy management solutions for the EV charging sector. Touchdown Ventures led the latest funding round and 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, and others.
AmpUp showed remarkable growth over the past 24 months, with subscription revenue surging by over 7x, while EV port management and charging port utilization have tripled. And 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. It captured 4% of the U.S. commercial Level 2 (L2) charging market in just three years. AmpUp now 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, such as 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 expertise in working with site owners, Randa McMinn takes on the chief marketing officer role. Reeve Harde, a proven leader in energy sector investments, strengthens AmpUp’s financial foundation as head of finance. These strategic roles position AmpUp for accelerated growth and continued electric vehicle charging market leadership.
With the Series A completion, AmpUp welcomes three new members to its Board of Directors:
— Greg Bergamesco, managing director, Touchdown Ventures – 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 – 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 – 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.
— Addition of Logan Grizzel, partner at MUUS, as a board observer and key advisor to the company. Grizzel’s decade of automotive experience at Toyota Motor will be a valued asset in supporting AmpUp’s growth and maturity over the coming years.
KEY QUOTES:
“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. We believe AmpUp’s sophisticated charging platform is well-positioned to capitalize on a growing market for electric vehicle infrastructure in the foreseeable future.”
- Greg Bergamesco, managing director at Touchdown Ventures
“We are thrilled to close our Series A funding round with the support of such esteemed investors. 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.”
- Tom Sun, CEO and co-founder of AmpUp
