AmpUp Closes $15M Series A Funding

AmpUp, a prominent EV charging platform company, announced on September 26, 2024, the successful completion of its Series A funding round, raising $15 million. This capital injection will support AmpUp’s ambitious plans for expanding its footprint in the U.S. market. In addition, the funds will be used to further innovate its energy management solutions, helping to enhance the efficiency and sustainability of the EV charging sector. This round of funding signifies a significant step forward for AmpUp as it seeks to meet growing demand and continue its leadership in EV infrastructure development.

The latest $15 million Series A funding round for AmpUp was led by Touchdown Ventures, highlighting robust investor confidence in the company’s growth potential. Additional key investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from prominent firms such as Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. This diverse group of investors reflects widespread belief in AmpUp’s ability to drive innovation in the EV charging industry and expand its market presence.

“AmpUp is an American leader in electric vehicle charging software. They have a strong technical team, in our view a best-in-class product, and top-tier channel partners,” said Greg Bergamesco, managing director at Touchdown Ventures. “We believe AmpUp’s sophisticated charging platform is well-positioned to capitalize on a growing market for electric vehicle infrastructure in the foreseeable future.”

“We are thrilled to close our Series A funding round with the support of such esteemed investors,” said Tom Sun, CEO and co-founder of AmpUp. “This funding validates our innovative approach to EV charging and provides us with the resources to accelerate our growth and further develop our energy management solutions. The diverse expertise of our investors, spanning mobility, manufacturing, payments, and energy sectors, positions us uniquely to address the complex challenges of EV infrastructure.”

AmpUp’s Impressive Growth Trajectory

AmpUp has achieved significant milestones over the past 24 months, with subscription revenue increasing by more than 7x, and both EV port management and charging port utilization tripling. A recent partnership with WEX is expected to further boost this momentum by integrating payment solutions for fleet customers, enhancing charger utilization and generating new revenue streams. AmpUp’s rapid expansion has established it as a leader in the EV charging industry, capturing 4% of the U.S. commercial Level 2 (L2) charging market within just three years. Today, the company serves over 1,000 customers across the U.S. and Canada, reinforcing its position at the forefront of the rapidly evolving EV charging sector.

“There’s a lot of perception that the electric vehicle industry is no longer growing, that funding is no longer available. But it’s great to see such an innovative company like AmpUp prove pessimists wrong. AmpUp is also a great example of how to think more holistically about charging – energy efficient, better UX and lower cost. Kudos to securing their latest round of funding,” said Raúl J. Arredondo, Principal Consultant & Fractional CMO, eMobility Strategy & Marketing LLC.

AmpUp’s latest funding round is bolstered by recent strategic additions to its executive team, positioning the company for accelerated growth and further leadership in the EV charging market. Mike DiNucci, a seasoned professional in the EV charging industry and an early ChargePoint executive, joined as chief revenue officer, bringing deep industry expertise. Randa McMinn was appointed chief marketing officer, leveraging her extensive experience in collaborating with site owners to drive AmpUp’s market presence. Additionally, Reeve Harde, a proven leader in energy sector investments, joined as head of finance, reinforcing the company’s financial strategy. These key hires are expected to play a crucial role in scaling AmpUp’s operations and market influence.

AmpUp Welcomes New Board Members

With the completion of its Series A funding round, AmpUp welcomes three new members to its Board of Directors:

Greg Bergamesco, Managing Director at Touchdown Ventures: A leader in Touchdown’s Built-World practice group, Bergamesco brings deep expertise in Mobility, Electrification, and Energy to AmpUp.

Ivy Nguyen, Principal at Autotech Ventures: Nguyen and the Autotech Ventures team are renowned as top mobility investors, having previously guided companies like Lyft and Volta to successful exits through IPOs.

David Jackson, COO of AmpUp: Jackson brings 17 years of experience from Amazon, where he held key roles in Operations, Retail, and Devices, including leading product and engineering for Amazon’s Alexa Core Smart Home. He has a strong passion for climate tech and extensive experience advising and investing in the space.

Additionally, Logan Grizzel, a partner at MUUS, joins as a board observer and key advisor. Grizzel’s decade of automotive experience at Toyota Motor Corporation will provide invaluable support to AmpUp’s growth trajectory and future strategies.