POD Point, a London, UK-based UK electric vehicle charge point supplier, is raising £9m in funding.
The round saw Draper Esprit investing £3m for new shares £2m for secondaries alongside Barclays Capital, who is providing £2m of venture debt. In addition, £550k additional equity investment has been secured from angel investors. Finally, POD Point has made £2m worth shares available to the public through Equity Crowdfunding platform Crowdcube – of which over £1m has since been pledged.
Over the past two years, POD Point has already raised £3.3m in two crowdfunding rounds, through Seedrs and Crowdcube.
The new investment will be used to expand the charging infrastructure needed for widespread adoption of electric vehicles in the UK.
Started in 2009 and led by Erik Fairbairn, CEO, POD Point operates an electric vehicle charging network. The company has manufactured and sold over 27,000 electric vehicle charge points, connecting EV drivers with hundreds of charging bays nationwide at locations such as Sainsbury’s, Southern Rail. It installs products for customers of Renault Norway among many other brands and count high profile companies such as Lloyds Banking Group, Britvic and O2 Telefónica among their workplace customers.