Mobile EV Charging Company SparkCharge Earns Funding Boost
SparkCharge is a company that provides mobile charging services to electric vehicle owners and operators. The company seems to Torque News like a major future player in the EV charging space. Today the company announced that it has secured millions in additional funding to continue the company’s growth and expansion.
Prior funding for SparkCharge came via Mark Cuban Companies and Silicon Valley Bank. The latest investment in SparkCharge totals $23 million and is co-led by Tale Venture Partners and Pendulum. "The opportunity to lead SparkCharge's Series A fits squarely within what we want to do at Tale - continue backing underrepresented founders building compelling businesses and investing in compelling and novel businesses that can generate outsized returns and outcomes, while showing the two aren't mutually exclusive,” Ed Jean-Louis, Co-founder and Managing Director at Tale Venture Partners. “We saw the makings in 2019 when we made our initial investment in SparkCharge, and the data is even more apparent today. We couldn't be more excited to continue partnering with Josh and the entire team as we revolutionize electric vehicle charging and help accelerate EV adoption."
"At Pendulum, we exclusively invest in founders and leaders of color, especially those we believe are set to transform their industry. The burgeoning demand for SparkCharge's products is a clear indicator of how critical the company's next phase of growth is," said Rish Sinha, Managing Director at Pendulum. "SparkCharge has the opportunity to play an important role as the EV industry continues to evolve, making SparkCharge a natural alignment for Pendulum. We are looking forward to working with SparkCharge to deliver this essential, accessible solution to the market."
SparkCharge has seen record-breaking growth over the past few months with Currently quickly surpassing over 100,000 miles of range delivered to EV owners. The Currently app is now on track to deliver millions of miles of charge to electric vehicles this year, which will prevent over 85 tons of CO2 pollution from being created. More solutions will be deployed throughout the year on the Currently App, all focused on making EV adoption more seamless.
This new round of funding will help to bolster SparkCharge's expansion according to the company. A portion of the funding is targeted toward the evolution of SparkCharge's on-demand mobile charging app that allows users to schedule a charge to be delivered to their EVs. The funding will help the company expand into 20 additional markets and enable the organization to develop new mobile charging products. With fuel prices spiking, SparkCharge appears well-positioned to help drivers make the switch to an EV..
"We are honored that our new and existing investors believe in and want to be part of our journey to continue revolutionizing the mobile charging industry," said Josh Aviv, CEO, and Founder of SparkCharge. "With the growth of the EV industry and the major gaps in charging access, we will be better able to scale our EV network regardless of the infrastructures in place. The investments will also allow our team to serve markets where no one else can to meet the needs of EV owners and fleets across the country, in major cities and suburbs."
In 2022 alone, SparkCharge has secured several partnerships and programs with global brands leveraging its mobile charging technology, including Kia Motors, Hertz, Uber, and others. SparkCharge's app, named Currently, has also been launched in four cities with plans to roll out in additional markets.
"SparkCharge is thriving by offering a unique concierge service, while everyone else is pushing the same old, same old self serves," Mark Cuban, the founder of Mark Cuban Companies, added. "Currently makes charging convenient and accessible to a booming industry, reinvesting in them was an easy decision."
SparkCharge is headquartered in Somerville, MA. The company plans to reveal several new products and major updates at an event it calls SparkDay this August.
Image courtesy of SparkCharge
John Goreham is a long-time New England Motor Press Association member and recovering engineer. John's interest in EVs goes back to 1990, when he designed the thermal control system for an EV battery as part of an academic team. After earning his mechanical engineering degree, John completed a marketing program at Northeastern University and worked with automotive component manufacturers, in the semiconductor industry, and in biotech. In addition to Torque News, John's work has appeared in print in dozens of American news outlets and he provides reviews to many vehicle shopping sites. You can follow John on TikTok @ToknCars, on Twitter, and view his credentials at Linkedin
Re-Publication. If you wish to re-use this content, please contact Torque News for terms and conditions.