Zap-Map has raised £9 million through a Series A round as it eyes international expansion.
Good Energy – the electric vehicle (EV) chargepoint mapping service’s parent company – invested a further £3.7 million as part of the round, along with a £5.3 million investment from new strategic investor fuel card and payment provider Fleetcor UK Acquisition.
The Series A round saw the company’s valuation grow from a pre-money enterprise valuation of £18.35 million and an equity value of £17.3 million, to £26.3 million post-money equity value.
Zap-Map is planning to use this new funding to build on its paid-subscription services and start its international expansion, including increasing the size of its development team.
“I’m very excited to announce this new investment, which is a huge boost for Zap-Map’s growth plans,” said Nigel Pocklington, chair of Zap-Map and chief executive of Good Energy.
“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.”
Fleetcor processes billions of electronic transactions annually, with a revenue of £2.3 billion ($2.8 billion) in 2021 and a £14 billion ($17 billion) market cap.
The investment builds on the existing partnership between the companies, with Fleetcor’s Allstar Business Solutions integrated with Zap-Map’s Zap-Pay in 2021, making paying for EV charging simpler. Zap-Pay has been integrated with nine charging networks to date.
Following on from Series A round, Good Energy holds a significant minority 49.9% of shares, while Fleetcor will have a shareholding of 19.9%.
“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,” said Richard Bourne, chief executive of Zap-Map.
“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.”
Bourne was appointed as permanent CEO of the company in March, alongside Pocklington being appointed as chair of Zap-Map. The reshuffle followed Good Energy founder and non-executive director Juliet Davenport, stepping down from the Zap-Map board.
Over the past year, Zap-Map has launched its Zap-Map Plus and Premium subscription services, including support for Apple CarPlay and Android Auto, while its Zap-Pay payment interoperability service saw partnerships signed with companies including MFG EV Power, GeniePoint and Connected Kerb.
