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UK electric vehicle charge point company launches crowdfund as part of £9m fundraise

POD Point, the London-based electric vehicle charging point supplier, has launched a new £1.5m crowdfunding drive as part of a £9m fundraise.

The company, which is based out of Discovery House in Islington, is looking to raise the cash on Crowdcube, along with a further £7.5m funding led by VC firm Draper Esprit who have stumped up £3m of new shares alongside £2m of secondaries.

Barclays Capital are providing £2m in venture debt while POD has also managed to raise £550k from an assorted of angel investors.

The crowdfund, which the company hopes to utilise to expand its charging infrastructure across the UK, will be the third time the business has looked to raise capital on Crowdcube, following two previously successful rounds which raised a total of £3.3m.

Erik Fairbairn, CEO, POD Point commented: “This is a significant milestone for a sector that has been gathering momentum for some time.

“The way people use cars is changing and how they are powered is at the epicentre of that. Travel shouldn’t damage the earth, which is why we are building the most advanced intelligent charging network in the UK, the POD Point Open Charge Network.”

Simon Cook, CEO of Draper Esprit added: “POD point is leading the charge in the EV infrastructure market in the UK and Europe. We not only think that the EV market will develop at pace over the next decade, but that POD point is set to play a significant role in enabling adoption.

“We are proud to be backing a company who are committed to creating cleaner cities and mitigating climate change.”

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