AmpUp, a leading electric vehicle (EV) charging platform company, is accelerating its growth with a significant $15 million in Series A funding. Led by Touchdown Ventures, this investment will fuel AmpUp’s aggressive expansion across the U.S. and further drive innovation in energy management solutions for the rapidly evolving EV charging sector.
This new capital injection follows a period of remarkable growth for AmpUp. In the past two years, the company has seen subscription revenue surge over 7x, while EV port management and charging port utilization have tripled. This momentum is further bolstered by AmpUp’s recent partnership with WEX, which will enhance charger utilization and revenue streams by enabling integrated payment solutions for fleet customers.
AmpUp’s strategic expansion has solidified its position as a leader in the EV charging sector, capturing 4% of the U.S. commercial Level 2 (L2) charging market in just three years. Today, AmpUp proudly serves over 1,000 customers across the U.S. and Canada.
This Series A funding round builds upon AmpUp’s recent strategic moves, adding industry-leading talent to its executive team. Mike DiNucci, a veteran of the electric vehicle charging industry, joined as chief revenue officer, bringing valuable experience from his early days at ChargePoint. Randa McMinn, with her deep expertise in working with site owners, takes on the chief marketing officer role. Reeve Harde, a proven leader in energy sector investments, strengthens AmpUp’s financial foundation as head of finance. These strategic appointments position AmpUp for accelerated growth and continued leadership in the electric vehicle charging market.
“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.”
The Series A funding also welcomes three new members to AmpUp’s Board of Directors:
* Greg Bergamesco, managing director, Touchdown Ventures: Mr. Bergamesco brings extensive expertise in Mobility, Electrification, and Energy.
* Ivy Nguyen, principal, Autotech Ventures: Ms. Nguyen and the Autotech Ventures team are leading mobility investors, having previously supported companies like Lyft and Volta through successful exits.
* David Jackson, COO, AmpUp: Mr. Jackson is a technology leader with 17 years at Amazon in roles across Operations, Retail, and Devices. Most recently, he led product and engineering for Amazon’s Alexa Core Smart Home before joining AmpUp as its COO. He has a passion for climate tech and years of experience advising and investing in the space.
AmpUp is also excited to announce the addition of Logan Grizzel, partner at MUUS, as a board observer and key advisor. Mr. Grizzel’s decade of automotive experience at Toyota Motor Corporation will be a valuable asset in supporting AmpUp’s growth and maturity over the coming years.
About AmpUp
AmpUp makes charging effortless. Their mission is to power the EV revolution by radically simplifying EV charging with smart technology solutions that balance energy usage, resulting in a cleaner, smarter grid. In three years, their software has rapidly captured 4% of the U.S. commercial L2 market while maintaining an industry-leading 98.5% charging session success rate and 99.9% uptime. With headquarters in Santa Clara, CA, AmpUp’s network of thousands of EV charging stations has been deployed for customers across North America, including JLL, CBRE, Domino’s Pizza, Goodyear, Under Armour, Hilton, and more.
