AmpUp, an electric vehicle charging platform company, has successfully closed its Series A round, securing $15 million in Series A funding. This investment will fuel AmpUp’s U.S. market expansion.
Touchdown Ventures led the latest funding round, showcasing investor confidence in AmpUp’s growth potential. Additional new investors included Autotech Ventures and MUUS Climate Partners, with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures and Connecticut Innovations.
AmpUp has demonstrated growth over the past 24 months, with subscription revenue surging by more than seven times, while EV port management and charging port utilization have tripled. The company’s recent partnership with WEX is poised to further accelerate this momentum by enhancing charger utilization and revenue streams by enabling integrated payment solutions for fleet customers. AmpUp has captured 4% of the U.S. commercial Level 2 charging market in just three years and now serves over 1,000 customers across the U.S. and Canada.
“AmpUp is an American leader in electric vehicle charging software,” says Greg Bergamesco, managing director at Touchdown Ventures. “They have a strong technical team, in our view a best-in-class product, and top-tier channel partners. 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,” adds 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.”
With the Series A completion, AmpUp has added three new members to its board of directors:
- Greg Bergamesco, managing director, Touchdown Ventures
- Ivy Nguyen, principal, Autotech Ventures
- David Jackson, chief operating officer, AmpUp
AmpUp has also added Logan Grizzel, partner at MUUS, as a board observer and key advisor to the company. Grizzel has a decade of automotive experience with Toyota Motor Corporation.