ChargeLab, an electric vehicle (EV) charging software provider, has raised an additional $15 million in funding, bringing its total Series A round to $30 million. The new financing includes $10 million in equity and $5 million in venture debt. EV charging network operator Silver Comet and intelligent power management firm Eaton have led the strategic funding round.
ChargeLab plans to use the additional funding to expand its engineering team, introduce new products to the market, and work toward becoming the most prevalent back-end platform for managing smart EV chargers. The funds will also help the company to help build a robust EV charging ecosystem and offer end-to-end solutions for EV charging infrastructure.
ChargeLab secured initial Series A tranche of $15 million, led by King River Capital, in May 2022. ChargeLab raised its Seed round, co-led by Root Ventures and Construct Capital, in 2021. The company’s software platform offers automated monitoring of EV chargers, pricing management, payment processing, and electrical load balancing.
“The EV charging industry remains nascent, making strategic partnerships essential for building a resilient ecosystem,” said Zak Lefevre, co-founder and CEO of ChargeLab. “With Eaton as an investor, we’re thrilled to be working closely with one of the world’s leading providers of EV charging hardware. We’ve also expanded our portfolio of strategic investors by welcoming Silver Comet as a shareholder.”
According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid. There was a 66% decrease QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, funding in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.