Zapmap secures an additional £1.7 million in funding
The new investment is provided through a secured convertible loan note which has been fully drawn down, the company confirmed. According to the press release, the money will be used to grow Zapmap’s B2B offering, namely Zapmap Spark and Zapmap Insights.
Zapmap Spark gives businesses access to public charge point data from all CPOs in the Zapmap network. By integrating the platform, customers can, for example, offer EV route planning and digital payments. Zapmap Insights can be used to track the growth of EV infrastructure in the country. On its website, Zapmap describes it as a “data and insights service to CPOs, Consultancies, Government, vehicle OEMs, DNOs, local authorities and other stakeholders requiring credible and reliable information and knowledge on the EV charging landscape and its history.”
Good Energy first invested in Zapmap in 2019 and has now provided funding worth 7.5 million pounds. It also holds 49.9 per cent of the issued share capital in Zapmap. The new convertible loan will accrue interest at 10 per cent per year. Moreover, Good Energy can convert the loan to equity at a material discount should Zapmap be sold, raise subsequent funding rounds or from 31st January 2025.
Zapmap hopes to reach breakeven point in 2025. The company’s main business remains its consumer App for searching, planning, and paying for EV charging. Zapmap says it has 860,000 registered users. It continues to focus on the UK market but also offers mapping in the US and European markets.
“Zapmap is playing a critical role not only to hundreds of thousands of EV drivers, but to the UK’s decarbonisation pathway through the data and technology it has built,” said Nigel Pocklington, CEO of Good Energy and chair of Zapmap.
“We are proud to have supported the company in building a significant userbase, maintaining share in the rapidly growing EV driver market,” he added. “We are confident that their burgeoning offerings to businesses and other organisations in Spark and Insights will see similar success.”
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