Electric car charger start-up Chargemaster backed by £3m Beringea investment
Growth capital funding will be used to strengthen company’s leading position in UK and European electric vehicle markets
Beringea, the venture capital firm which manages the ProVen Venture Capital Trusts, today announced a £3m investment into electric vehicle charging point supplier Chargemaster.
Founded in 2008, Chargemaster designs and supplies charging points for electric cars, which can be wall-mounted, placed on street side posts or built to specific customer requirements.
The charging points automatically connect to a nationwide network, entitled POLAR, which offers Chargemaster customers access to other charging points across the country.
Since foundation Chargemaster has grown to become the largest supplier of electric vehicle (EV) equipment in the UK, having installed more than 10,000 charging points across the country. Chargemaster also has a growing presence in the European EV market, with more than 4,000 charging points installed.
Beringea’s £3m investment will be used to further strengthen the start-up’s position in the UK EV market in addition to funding further expansion into Europe.
Electric vehicles are expected to account for 7% of all light duty vehicle sales by 2020, with the global EV sector estimated to be worth £500m globally in 2021.
David Martell, CEO of Chargemaster, said: “Chargemaster has demonstrated very significant growth over the last two years and is well positioned to capitalise on the mainstream adoption of electric cars.
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“We are delighted to have received this investment from Beringea which provides a strong endorsement of our number one market position and additional capital to enable us to maintain our strong momentum.”
Malcolm Moss, founding partner at Beringea, added: “The Chargemaster team has more experience in designing, building and installing high technology streetside electronics than any other European organisation.
“We are excited to partner with a strong management team that is positioned to create the worldwide benchmark for EV charging equipment and infrastructure.”