Plug announced it raised a $20 million Series A round to expand its electric vehicle-focused marketplace, as a wave of off-lease inventory is expected to hit the U.S. market over the next several years. The company said the financing was led by Lightspeed Venture Partners with participation from Galvanize and existing investors Autotech Ventures, Leap Forward Ventures, and Renn Global.
The company positions itself as an infrastructure platform for used EV transactions, arguing that pricing and risk management for electric vehicles differ meaningfully from those for internal combustion vehicles, particularly as battery condition and rapidly evolving incentives influence resale values. Plug said it has facilitated more than $60 million in used EV sales since launching in 2024 and that its fourth-quarter 2025 sales volume exceeded its total for 2024.
Plug pointed to a supply shift it believes will accelerate used EV activity. The company said more than 1.1 million EV lease returns, valued at an estimated $30 billion, are expected to enter the U.S. market over the next three years, pushing dealers and commercial sellers to find faster ways to value, move, and manage residual risk on EV inventory.
The marketplace is built specifically for EV transactions and provides wholesale valuations based on proprietary insights, real-time market and pricing signals, battery health intelligence, and VIN-level vehicle data, the company said. Plug also said most listings receive market-rate offers within 24 hours, a pace it framed as important for dealers and consignors trying to manage volatility as volumes rise. The company said it has more than 600 dealers and commercial consignors active on the platform.
Plug said it will use the new funding to expand supply pipelines, develop additional proprietary technology to evaluate EV condition and capability, and increase go-to-market capacity across wholesale and retail channels.
The company also announced leadership and board additions tied to its next phase of growth. Lightspeed partner Justin Overdorff is joining Plug’s board, while Kat Zhang will serve as a board observer. Plug also said Andrew Maddox joined as head of finance after roles at beatBread and TikTok, and that Alexandra Yorke joined as head of marketing after leading marketing and growth initiatives at Signal Technologies.
KEY QUOTES
“The used EV wave isn’t coming, it’s here and building fast. Dealers are staring at a massive flux of off-lease EVs that could become their next major profit center. But you can’t manage EV valuations with petroleum-fueled vehicle assumptions. This is where Plug comes in.”
Jimmy Douglas, Founder and CEO, Plug
“The growth of the used EV market is driving a fundamental shift in how vehicles are valued and transacted. Plug recognized early that electric vehicles require a fundamentally different approach and built a business around this need. With disciplined execution, EV-native data and an active marketplace, the company is well positioned to support dealers and commercial partners as EV volumes continue to rise.”
Justin Overdorff, Partner, Lightspeed
