AmpUp Powers Ahead with $15 Million Series A Funding
September 30, 2024, 9:45 am
Location: United States, California, Cupertino
Employees: 11-50
Founded date: 2018
Total raised: $16.7M
AmpUp, a rising star in the electric vehicle (EV) charging landscape, has just secured $15 million in Series A funding. This infusion of capital is not just a number; it’s a rocket booster for the company’s ambitions. With this funding, AmpUp aims to expand its footprint across the U.S. and innovate further in energy management solutions.
The funding round was led by Touchdown Ventures, a name synonymous with smart investments in mobility and energy. They weren’t alone; a constellation of investors joined the fray. Autotech Ventures, MUUS Climate Partners, and several others, including Goodyear and WEX Venture Capital, added their weight to the investment. This diverse backing signals confidence in AmpUp’s vision and potential.
In just three years, AmpUp has carved out a 4% share of the U.S. commercial Level 2 charging market. That’s no small feat. The company has witnessed a staggering 7x increase in subscription revenue over the past two years. EV port management and charging port utilization have tripled. The numbers tell a story of growth and ambition.
AmpUp’s recent partnership with WEX is a game-changer. It enhances charger utilization and opens new revenue streams. Integrated payment solutions for fleet customers are now on the table. This collaboration is like adding jet fuel to an already blazing fire.
The company’s leadership is a blend of experience and innovation. Tom Sun, the CEO, is at the helm, steering the ship with a clear vision. The executive team has expanded, bringing in industry veterans like Mike DiNucci as chief revenue officer. DiNucci’s background at ChargePoint equips him with insights that can propel AmpUp forward. Randa McMinn, the new chief marketing officer, is set to amplify the brand’s presence. Reeve Harde, with his expertise in energy sector investments, is strengthening the financial foundation.
AmpUp’s growth strategy is not just about numbers; it’s about people. The company has welcomed three new members to its Board of Directors. Greg Bergamesco from Touchdown Ventures brings a wealth of knowledge in mobility and electrification. Ivy Nguyen from Autotech Ventures adds her expertise in navigating the complex world of mobility investments. David Jackson, AmpUp’s COO, has a rich history with Amazon, leading product and engineering for Alexa Core Smart Home. His passion for climate tech is a perfect fit for AmpUp’s mission.
The EV charging sector is evolving rapidly. AmpUp is not just keeping pace; it’s setting the tempo. The company’s platform simplifies EV charging with smart technology solutions. It balances energy usage, contributing to a cleaner, smarter grid. This is crucial as the demand for EV infrastructure surges.
AmpUp’s client roster reads like a who’s who of major brands. JLL, CBRE, Domino’s Pizza, Under Armour, and Hilton are just a few names benefiting from AmpUp’s services. This extensive network showcases the company’s capability to serve diverse industries.
The road ahead is filled with opportunities. The EV market is on the brink of explosive growth. As more consumers and businesses shift towards electric vehicles, the demand for reliable charging solutions will skyrocket. AmpUp is well-positioned to capitalize on this trend.
However, challenges loom. The EV charging landscape is competitive. New players are entering the market, and established companies are ramping up their efforts. AmpUp must continue to innovate and differentiate itself. The company’s focus on energy management solutions will be key. It’s not just about providing charging stations; it’s about creating a seamless experience for users.
Sustainability is at the heart of AmpUp’s mission. The company is committed to reducing carbon footprints and promoting cleaner energy. This aligns with global efforts to combat climate change. As governments push for greener policies, AmpUp’s solutions will be in high demand.
Investors are taking notice. The $15 million funding round is a testament to AmpUp’s potential. It’s a signal that the market believes in the company’s vision. With a strong financial backing, AmpUp can accelerate its growth and expand its offerings.
In conclusion, AmpUp is on a trajectory of growth and innovation. The recent funding is a significant milestone, but it’s just the beginning. The company is poised to lead the charge in the EV charging sector. With a robust team, strategic partnerships, and a commitment to sustainability, AmpUp is ready to shape the future of electric vehicle infrastructure. The road ahead is bright, and AmpUp is steering towards success.
The funding round was led by Touchdown Ventures, a name synonymous with smart investments in mobility and energy. They weren’t alone; a constellation of investors joined the fray. Autotech Ventures, MUUS Climate Partners, and several others, including Goodyear and WEX Venture Capital, added their weight to the investment. This diverse backing signals confidence in AmpUp’s vision and potential.
In just three years, AmpUp has carved out a 4% share of the U.S. commercial Level 2 charging market. That’s no small feat. The company has witnessed a staggering 7x increase in subscription revenue over the past two years. EV port management and charging port utilization have tripled. The numbers tell a story of growth and ambition.
AmpUp’s recent partnership with WEX is a game-changer. It enhances charger utilization and opens new revenue streams. Integrated payment solutions for fleet customers are now on the table. This collaboration is like adding jet fuel to an already blazing fire.
The company’s leadership is a blend of experience and innovation. Tom Sun, the CEO, is at the helm, steering the ship with a clear vision. The executive team has expanded, bringing in industry veterans like Mike DiNucci as chief revenue officer. DiNucci’s background at ChargePoint equips him with insights that can propel AmpUp forward. Randa McMinn, the new chief marketing officer, is set to amplify the brand’s presence. Reeve Harde, with his expertise in energy sector investments, is strengthening the financial foundation.
AmpUp’s growth strategy is not just about numbers; it’s about people. The company has welcomed three new members to its Board of Directors. Greg Bergamesco from Touchdown Ventures brings a wealth of knowledge in mobility and electrification. Ivy Nguyen from Autotech Ventures adds her expertise in navigating the complex world of mobility investments. David Jackson, AmpUp’s COO, has a rich history with Amazon, leading product and engineering for Alexa Core Smart Home. His passion for climate tech is a perfect fit for AmpUp’s mission.
The EV charging sector is evolving rapidly. AmpUp is not just keeping pace; it’s setting the tempo. The company’s platform simplifies EV charging with smart technology solutions. It balances energy usage, contributing to a cleaner, smarter grid. This is crucial as the demand for EV infrastructure surges.
AmpUp’s client roster reads like a who’s who of major brands. JLL, CBRE, Domino’s Pizza, Under Armour, and Hilton are just a few names benefiting from AmpUp’s services. This extensive network showcases the company’s capability to serve diverse industries.
The road ahead is filled with opportunities. The EV market is on the brink of explosive growth. As more consumers and businesses shift towards electric vehicles, the demand for reliable charging solutions will skyrocket. AmpUp is well-positioned to capitalize on this trend.
However, challenges loom. The EV charging landscape is competitive. New players are entering the market, and established companies are ramping up their efforts. AmpUp must continue to innovate and differentiate itself. The company’s focus on energy management solutions will be key. It’s not just about providing charging stations; it’s about creating a seamless experience for users.
Sustainability is at the heart of AmpUp’s mission. The company is committed to reducing carbon footprints and promoting cleaner energy. This aligns with global efforts to combat climate change. As governments push for greener policies, AmpUp’s solutions will be in high demand.
Investors are taking notice. The $15 million funding round is a testament to AmpUp’s potential. It’s a signal that the market believes in the company’s vision. With a strong financial backing, AmpUp can accelerate its growth and expand its offerings.
In conclusion, AmpUp is on a trajectory of growth and innovation. The recent funding is a significant milestone, but it’s just the beginning. The company is poised to lead the charge in the EV charging sector. With a robust team, strategic partnerships, and a commitment to sustainability, AmpUp is ready to shape the future of electric vehicle infrastructure. The road ahead is bright, and AmpUp is steering towards success.