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24.05.2022 15:00:00

SparkCharge Raises $23 Million to Scale On-Demand Electric Vehicle (EV) Charging Delivery Service App Currently

SOMERVILLE, Mass., May 24, 2022 /PRNewswire/ -- SparkCharge, the world's first mobile EV charging network, announced today it is continuing its journey to scale the first mobile and intelligent EV charging network in the U.S. with a Series A funding investment of $23 million co-led by Tale Venture Partners and Pendulum. SparkCharge has also received additional investments from a diverse group, Revolution's Rise of the Rest Seed Fund, the Mark Cuban Companies, and Silicon Valley Bank. Pusha-T and Summer Watson make up some of the high-profile celebrities joining the round, signaling a shift to meet consumer demand for more accessible EV charging solutions.

"The opportunity to lead SparkCharge's Series A fits squarely within what we want to do at Tale - continue backing underrepresented founders building compelling businesses and investing in compelling and novel businesses that can generate outsized returns and outcomes, while showing the two aren't mutually exclusive," Ed Jean-Louis, Co-founder and Managing Director at Tale Venture Partners. "We saw the makings in 2019 when we made our initial investment in SparkCharge, and the data is even more apparent today. We couldn't be more excited to continue partnering with Josh and the entire team as we revolutionize electric vehicle charging and help accelerate EV adoption."

"At Pendulum, we exclusively invest in founders and leaders of color, especially those we believe are set to transform their industry. The burgeoning demand for SparkCharge's products is a clear indicator of how critical the company's next phase of growth is," said Rish Sinha, Managing Director at Pendulum. "SparkCharge has the opportunity to play an important role as the EV industry continues to evolve, making SparkCharge a natural alignment for Pendulum. We are looking forward to working with SparkCharge to deliver this essential, accessible solution to the market."

SparkCharge has seen record-breaking growth over the past few months with Currently quickly surpassing over 100,000 miles of range delivered to EV owners. The Currently app is now on track to deliver millions of miles of charge to electric vehicles this year, which will prevent over 85 tons of CO2 pollution from being created. More solutions will be deployed throughout the year on the Currently App, all focused on making EV adoption more seamless.

The funding will bolster SparkCharge's expansion, with goals to scale Currently, SparkCharge's on-demand mobile charging app that allows users to schedule a charge to be delivered to their EVs. The funding will help Currently expand to over 20 additional markets and enable the organization to develop new mobile charging products. In addition, as fuel prices continue to rise, SparkCharge is primed to help drivers make the easy decision to switch to an EV and rely less on gas-fueled cars by eliminating charging accessibility issues.

"We are honored that our new and existing investors believe in and want to be part of our journey to continue revolutionizing the mobile charging industry," said Josh Aviv, CEO and Founder of SparkCharge. "With the growth of the EV industry and the major gaps in charging access, we will be better able to scale our EV network regardless of the infrastructures in place. The investments will also allow our team to serve markets where no one else can to meet the needs of EV owners and fleets across the country, in major cities and suburbs."

The funding comes on the heels of SparkCharge's significant successes in 2022 thus far. Since the start of the year, SparkCharge has secured several partnerships and programs with global brands leveraging its mobile charging technology, including Kia Motors, Hertz, Uber, and others. SparkCharge's Currently app has also been launched in four cities with plans to roll out in additional markets.

"SparkCharge is thriving by offering a unique concierge service, while everyone else is pushing the same old, same old self serves," Mark Cuban, the founder of Mark Cuban Companies, added. "Currently makes charging convenient and accessible to a booming industry, reinvesting in them was an easy decision."

SparkCharge will be revealing several new products and major updates at its annual showcase SparkDay, the company's annual event being held this August at its headquarters in Somerville, MA, which will have a huge impact on EV charging.

Founder and CEO Joshua Aviv continues, "The products we reveal on SparkDay are really going to allow for a fundamental shift in the way people perceive EV charging. We are going to disrupt the traditional way EV charging is done at its core and open the world's eyes to a seamless, connected way of EV charging, effectively removing the EV owner from the EV charging equation. This has never been seen before but it will open the door to the mass adoption of electric vehicles across the globe."

For more information, please visit www.SparkCharge.io.

ABOUT SPARKCHARGE
SparkCharge has created the world's largest mobile electric vehicle charging network. This network is now a reality due to three key factors: hardware, software, and brilliant customers. The Roadie Charging System is a portable, powerful, modular charging solution that makes DC fast charging possible anywhere regardless of infrastructure. The app and EV power delivery service Currently, allows EV drivers to have their EV charged wherever and whenever they want. To learn more about SparkCharge go to: www.SparkCharge.io.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/sparkcharge-raises-23-million-to-scale-on-demand-electric-vehicle-ev-charging-delivery-service-app-currently-301553363.html

SOURCE SparkCharge


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