A renewable electricity supplier and energy services provider has made a further £1.7 million investment into Zapmap.
Good Energy Group PLC currently holds 49.9% of the issued share capital of Zapmap, the leading app for electric vehicle drivers which topped our TransportTech 50 ranking late last year.
Zapmap helps users to search, plan and pay for charging. It now has more than 1.5 million app downloads and 860,000 registered users.
The latest investment has been made through a secured convertible loan note which has now been fully drawn down. Good Energy can convert the loan to equity at a material discount should Zapmap be sold, raise subsequent funding rounds or from 31st January 2025.
It will be used by Zapmap to continue growing its business-to-business offerings Zapmap Spark and Zapmap Insights.
The former is an API product launched in October 2023 which offers organisations the ability to embed Zapmap data – including live data feeds from more than 75% of public charge points – in their own digital products.
Zapmap Insights is described as the go-to source for businesses and other organisations, including the Department for Transport, with up-to-date data on the UK’s crucial EV charger roll-out.
Zapmap – search for EV charging points, plan journeys and pay for charging with Zapmap.
The business plans to continue its focus on the UK market, whilst offering mapping in both the US and other European markets. It aims to reach break-even point during 2025.
Good Energy has provided funding totalling approximately £7.5m to Zapmap since its initial investment in 2019.
“Zapmap is playing a critical role not only to hundreds of thousands of EV drivers, but to the UK’s decarbonisation pathway through the data and technology it has built,” said Nigel Pocklington, CEO of Good Energy and chair of Zapmap.
“We are proud to have supported the company in building a significant userbase, maintaining share in the rapidly growing EV driver market.
“We are confident that their burgeoning offerings to businesses and other organisations in Spark and Insights will see similar success.”
TransportTech 50 – UK’s most innovative transport technology creators for 2023