Published on March 12th, 2017 | by James Ayre0
POD Point Secures £9 Million In New Funding Round
March 12th, 2017 by James Ayre
The UK-based electric vehicle charging solutions firm POD Point has secured ~£9 million in new funding as part of a new investment round — one led by an investment of £3 million shares + a £2 million secondaries investment from Venture Capitalist Draper Esprit — according to an email sent to CleanTechnica.
In addition to the £3 million + £2 million investment from Venture Capitalist Draper Esprit, the funding round saw: a £2 million venture debt investment from Barclays Capital; along with £550,000 of equity investment from angel investors; and the results of a £1.5 million crowdfunding round.
The new funds will be used by the company to further expand its electric vehicle charging infrastructure in the UK.
The email provides more:
“Over the past two years, POD Point has already successfully raised £3.3 million in two crowdfunding rounds, through Seedrs and Crowdcube. The new investment will be used to expand the vital charging infrastructure necessary for widespread adoption of electric vehicles in the UK. POD Point’s target is to double turnover to £9 million in the 2016/17 financial year and benchmark market growth thereafter.
“POD Point is already a well established, leading player in this country’s EV sector, having manufactured and sold over 27,000 charging points since it was founded in 2009. This new investment is intended to fund the next stage of business growth, directly creating 50 new jobs in the UK, and helping to lay down the bedrock EV charging infrastructure to fuel the expansion of the market both here and in Europe. Following recent partnerships with Barratt Homes, Holiday Extra and Hyundai, POD Point intends to have one of its stations installed everywhere people park for an hour or more by 2020.”
“This is a significant milestone for a sector that has been gathering momentum for some time,” commented Erik Fairbairn, CEO, POD Point. “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.”
The Head of Technology, Media and Telecoms at Barclays, Sean Duffy, commented on the investment round as well: “We’re very attracted to POD Point. It’s a very good company; it’s a high growth business in a high growth market.”