Rightcharge has raised £500,000 in growth funding from existing investors to accelerate its expansion across Europe, further develop its EV charging payments platform and deepen strategic partnerships. The round was led by Soulmates Ventures, with participation from BlackWood Ventures and Purple Ventures.
The financing follows a period of rapid commercial growth for the London-based company, which said annual recurring revenue has increased by more than 20 times over the past year.
Rightcharge now supports more than 200 direct fleet customers and has signed five licensing agreements that allow fleet and mobility providers to incorporate its home charging reimbursement technology into their own offerings.
Its partners include Octopus Electroverse, POD, The Right Fuel Card and Fuuse. POD is owned by EDF, while The Right Fuel Card is part of Edenred.
Rightcharge has also begun operating in France and Germany through its partnership with Octopus Electroverse, with initial fleet deployments and local partner relationships already established in both markets.
The company provides a unified EV charging payments platform that combines home and public charging. Its technology automatically reimburses employees for home charging through their energy bills while giving fleet managers visibility into charging costs and emissions.
Rightcharge said fleets using its platform can reduce charging costs by as much as 90%, lower carbon emissions by approximately 30% and significantly reduce the administrative workload associated with managing charging reimbursements.
Customer retention has remained above 99% after two years, while revenue generated from existing customers has increased approximately 165% as fleets expand their use of the platform.
The company was also recently certified by Visa as a home charging reimbursement partner in Europe, validating its technology against Visa’s requirements for functionality, integration and security.
Rightcharge plans to use the new capital to expand customer acquisition, extend its European presence, strengthen strategic partnerships and continue developing its platform.
The financing is also expected to help position Rightcharge for a future Series A round as its international footprint expands.
KEY QUOTES:
“The response from customers over the past year has confirmed we’re solving a huge problem for fleets. We’re directly supporting over 200 fleet customers in the UK and have maintained exceptionally high retention, with over 99% of customers remaining on the platform after two years. Existing customers also continue to expand their use of the platform, driving revenue growth of approximately 165% within our existing customer base. Having surpassed our most ambitious growth projections since our seed round, this funding will help us expand the service across Europe by giving more fleet suppliers access to our Rightcharge home reimbursement platform, and continue to improve the product.”
Charlie Cook, Founder and CEO of Rightcharge
“Since our initial investment, Rightcharge has confirmed our conviction in the team, the product and the market opportunity. They have delivered rapid growth, maintained strong customer retention and secured partnerships with major players across the energy and mobility industries. As fleet electrification accelerates across Europe and other regions, we believe Rightcharge is well positioned to become a leading platform for EV charging payments and reimbursements.”
Michal Sikyta, Managing Partner at Soulmates Ventures
