ChargePoint, which operates a network of more than 33,000 independently owned charging spots, has secured $82 million in funding, the first part of a larger fundraising round led by Daimler. The new investment will support the expansion of the company’s charging network into Europe.
BMW i Ventures and other existing investors also participated in the round. To date, ChargePoint has raised more than $255 million.
ChargePoint also appointed Daimler executive Axel Harries to the company’s Board of Directors.
Europe has quickly grown into the world’s second-largest EV market, and is in dire need of a comprehensive charging network. Currently, there are dozens of providers of hardware, software and networks in a fragmented market. They often require drivers to sign up for separate accounts, creating a confusing and cumbersome charging experience. ChargePoint hopes to be the first company to introduce a complete Europe-wide charging solution.
“The automobile industry is at an inflection point, with more vehicles coming onto the market offering highly advanced electric powertrains than any other time in the world’s history,” said Pasquale Romano, CEO of ChargePoint. “The significant investment by our lead investor Daimler and others not only underscores a collective commitment to e-mobility around the world, but lays the groundwork for Europe’s most comprehensive charging network.”