Zap-Map is a Bristol-based startup determined to make electric vehicle (EV) charging simple. The team is doing just that through their UK leading app and digital platform for EV drivers to search for charge points, plan longer journeys, pay on participating networks and share updates with other EV drivers.
With 95%+ of public charge points mapped and around 70% of charge points showing live availability status, Zap-Map provides EV drivers with peace of mind and the confidence to drive any length of journey in their EV.
Zap-Map has now successfully closed a Series A funding round of £9m, valuing the company at £26.3m post money equity value. The startup is set to propel its growth, with its sights set on international goals as the EV industry speeds ahead in the race towards achieving net-zero.
£5.3m of new investment comes from Fleetcor, a leading global business payments company that helps businesses spend less by providing innovative solutions with a US$17 billion market cap. This funding provides strategic opportunities to leverage Fleetcor’s global footprint and partnerships with electric vehicle (“EV”) fleets and charging providers in support of Zap-Map’s international expansion plans
A further £3.7m has been invested by Good Energy, the 100% renewable electricity supplier and energy services provider, which aligns with its strategy to make it simple for people to generate, share, store, use and travel with clean power.
Zap-Map moves up through the gears
With over 70% share of the rapidly growing EV driver market registered, Zap-Map’s commercial goals include building on its paid-subscription services and initiating international expansion. The funds raised are expected to fuel the expansion of Zap-Map’s development team to deliver its product roadmap and could pave the way for international expansion.
On the investment, Richard Bourne, Chief Executive of Zap-Map, tells us, “This fundraising round allows us to accelerate Zap-Map’s core mission – making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging.
“Good Energy has proven a powerful partner to date and we are delighted to have a new strategic collaboration with Fleetcor which will supercharge our ambition to accelerate the provision of services to the fleet market and allow us to look ahead and expand internationally.”
Fleetcor processes billions of electronic transactions a year and recorded annual revenue of $2.8 billion in 2021. Its strategic investment builds on an existing partnership which sees Fleetcor’s Allstar Business Solutions integrated into Zap-Map’s Zap-Pay product, which is designed to make EV charging payment simple. Zap-Pay has already integrated with nine charging networks.
Good Energy’s participation in the round is in line with its strategy. Zap-Map has a strong role in its three-pronged strategy across clean energy supply, energy services and transport. The Company’s ambition is to help one million homes and businesses cut carbon levels by 2025.
Commenting on their partnership, Nigel Pocklington, Chair of Zap-Map and Chief Executive of Good Energy says, “I’m very excited to announce this new investment, which is a huge boost for Zap-Map’s growth plans. There are over half a million EV drivers in the UK, with millions more switching to electric in the coming years. It is a race towards zero-emission transport and Zap-Map is placed right at the front of the field, where we plan to keep it.
“Bringing on a partner with the scale and compatibility of Fleetcor ensures that that is possible, opening up further possibilities in international payments and fleet electrification.”
Zap-Map has cemented its position in the UK as the ‘go-to’ app for the EV driver and for EV charging data. A capital light, technology platform business, which focuses on three core areas in the EV industry:
- Mapping: Functionality core to the platform and EV driver experience. Making EV charging simple for all, with visibility of over 95% of the UK’s public charge points and live dynamic data for over 70% of the UK EV charging network.
- Payment: Leading interoperable payment solution, providing payment capabilities for all EV drivers and helping to accelerate EV adoption by removing payment barriers.
- Data & Insights: Over 10 years of unique data sets to help understand EV adoption and driver behaviours. Providing insights across the EV ecosystem on utilisation, adoption and behaviour to help future proof solutions.
Zap-Map is playing a key role for all EV drivers in this transition by enabling them to search, plan and pay for EV charging in one app whilst receiving real time updates in car.
