Envestors closes £2.7m Chargemaster funding round
Investee plans to roll out nationwide network of electric vehicle charging sites.
Angel investment network Envestors has completed a £2.7m round of equity fundraising for Chargemaster, a specialist in the provision of power to electric vehicles.
Envestors, a wholly owned subsidiary of internationally renowned investment giant Braveheart, raised £1.98m from its own network of investors, and co-ordinated the collection of the remaining funds. This latest investment follows a previous round of equity financing worth £1.5m, which was also raised by Envestors. Scott Haughton, director of Envestors, said his network’s members were “impressed by the Chargemaster team’s experience, and the progress made from a standing start.” Chargemaster, which has been operational for more than 25 years, plans to use the investment to create a nationwide network of charging bays, specifically developed for electric vehicles. The company has already begun installing the first tranche of charging bays across the South of England, and ultimately plans to install 4,000 bays across 100 towns and cities over the next 18 months. David Martell, chief executive of Chargemaster Plc, was fulsome in his praise of the fundraising team, saying “Envestors has again done a highly effective job for us.”