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ChargePoint raises $50 million

Applaud to the achievement of raising funds by Chargepoint!

Founded in the year 2007 by Richard Lowenthal and Praveen Mandal, US-based electric vehicle charging network ChargePoint raises $50 million in its latest round of funding, which was led by Linse Capital. Braemar Energy Ventures and Constellation Energy, an electricity supplier owned by Exelon Corp., also participated in the investment round. Till date, the total funding secured by the startup to $164 million from investors including BMW iVentures, Rho Ventures, KPCB and Siemens.

The startup has installed over 28,000 stations in business parking lots, apartment garages and in homes, too across US, Europe and Australia. The recent funds will help the startup to install more charging networks, indirectly leading to charging more cars. ChargePoint is not only into building public charging stations, but also have developed a mobile app. It works on a cloud-based software so that the businesses can set prices as well as automate payment processing, reporting and analytics. He aims at providing a comprehensive driver experience through ChargePoint, irrespective of where you are- at home, work, around the town or out of town.

EV is a lucrative and growing market. Linse Capital realized that the funds will let ChargePoint to expand its services beyond North America. Micheal Linse is the Founder and  Managing Director of Linse Capital.

Takeaways:

  • Linse Capital led the latest funding round of ChargePoint.
  • The funds will let ChargePoint to expand its services beyond North America.
  • The startup has installed over 28,000 stations in business parking lots, apartment garages and in homes, too across US, Europe and Australia.
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