AmpUp successfully closed a $15 million Series A funding round to drive market expansion and enhance its energy management solutions in the electric vehicle charging sector.

Information on the Target

AmpUp is a prominent electric vehicle (EV) charging platform headquartered in Santa Clara, California. Recently, the company successfully closed a Series A funding round, securing $15 million aimed at fostering its expansion in the U.S. market and advancing its energy management innovations. Over the past two years, AmpUp has experienced remarkable growth, with subscription revenue increasing sevenfold and usage of EV ports tripling. Today, it serves over 1,000 customers across the U.S. and Canada, capturing approximately 4% of the U.S. commercial Level 2 (L2) charging market in just three years.

In addition to its financial success, AmpUp's strategic partnerships and innovative product offerings have solidified its position as a leader in the EV charging sector. Their recent collaboration with WEX is expected to enhance charger utilization by integrating payment solutions for fleet customers, thus accelerating revenue streams for AmpUp.

Industry Overview in the Target's Specific Country

The electric vehicle charging industry in the United States is currently experiencing substantial growth, spurred by increased adoption of electric vehicles and a growing demand for reliable charging infrastructure. Government incentives, regulatory