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In early 2020, we made an initial investment in ChargeLab alongside Notation Capital and Urban Us. The thesis was clear: EV vehicles are going to take over a larger piece of the car (and overall mobility) market in the future, and supporting those EVs will require charging infrastructure. Each OEM isn’t going to build their own proprietary charging infrastructure, but there will be quite a few big hardware companies in the space. Those hardware companies may try and build proprietary software and user experiences, but the consumer experience will suffer because they’ll have to deal with a bunch of different environments. Consumers aren’t going to care about which hardware they’re charging from, but they will care about the charging experience — how easy it is, payment simplicity, tracking, etc.
And that’s where ChargeLab comes in. As the “Android of EV charging” they’re building a software platform that will work across hardware providers, providing consumers with a great user experience, and providing hardware providers with the interface they need to succeed.
Since making our initial investment, ChargeLab continues to grow. They’ve secured key corporate partnerships, such as the one with ABB, a leading EV charging hardware provider. Their team has grown, both on the engineering and sales sides. ChargeLab is maturing at precisely the right time — the market and interest in EV charging is skyrocketing and won’t slow down.
That’s why we’re excited to continue supporting ChargeLab with our follow on investment. We participated in a USD $4.3 million seed round alongside new investors Construct Capital and Root Ventures, and ChargeLab’s existing investors. We see an incredible opportunity for ChargeLab to scale into the software provider powering EV charging infrastructure. And we look forward to working with co-founders Zak Lefevre and Ehsan Mokhtari and the entire ChargeLab team to help them achieve their mission.
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