Home Business NewsBusinessAutomotive News Bonnet raises $5.5m in funding from GV and Lightspeed

Bonnet raises $5.5m in funding from GV and Lightspeed

by LLB Finance Reporter
3rd Mar 22 8:36 am

Bonnet has secured $5.5 million (£4m) total investment to support in tripling the team’s headcount and securing new charge point operator partnerships. Bonnet plans to expand its coverage to the majority of all UK and European chargers by the end of 2022.

The EV charging platform’s new investors comprise a range of different investor firms including Lightspeed, GV and 20VC. Financial backing has also been secured from prominent angel investors including the founder of Deliveroo Will Shu, ex-Tesla president Jon McNeill, co-founder of TIER Lawrence Leuschner and founders of Zapp Joe Falter and Navid Hadzaad.

The news is a key milestone in Bonnet’s growth journey, with investors backing the business’ core mission to decrease charging anxiety and democratise public charging, particularly for those without private driveways.

Launched in July 2021 by co-founders Patrick Reich and Eliot Makabu, Bonnet simplifies the process of EV charging away from home. The app delivers real-time data on charging availability and functionality, while also offering cheaper charging options through its charging bundles. Since its launch, the platform has worked in tandem with charge point operators and charge point manufacturers to make charging accessible and simple for customers – addressing a key challenge in EV adoption.

The funding follows a recent $1.2M round secured by Bonnet last August, designed to support its rapid growth plans. Since its launch, the business has 50,000 charge points available across the UK and Europe, with plans to support the majority of charge points across select European geographies and the UK by the end of 2022. Bonnet also plans to use the investment to increase its international presence in new markets and support further R&D into new features and revenue streams.

Commenting on the funding, co-founder and CEO Patrick Reich says:

“Bonnet is continuing to see rapid growth, with thousands of new charge points added each month and incredible uptake from drivers and fleets alike. This year will continue to see the advancement of our tech offering and we can’t wait to put the new features into drivers’ hands.

“The continued support and trust our existing and new shareholders have put into Bonnet brings a huge value-add to the team and will give us the advantage to become the number one charging product for EV drivers globally.”

“Lightspeed believes the future of mobility will be green and sustainable as we go from 1-100% of cars being electric in the next 10-20 years,” said Rytis Vitkauskas, Partner, Lightspeed.

“The driver experience of charging and operating EVs will evolve dramatically– we’re excited to partner with Bonnet founders Patrick and Eliot who have a unique perspective on how to bring a next generation, delightful product experience to market while augmenting the efforts of underlying infrastructure providers.”

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