Rightcharge raises £500K to scale fleet EV charging payments across Europe

UK EV charging payments startup Rightcharge has secured £500,000 in growth funding to expand its operations across Europe and enhance its platform for managing fleet charging payments. Led by Soulmates Ventures, with backing from BlackWood Ventures and Purple Ventures, Rightcharge offers a unified system for home and public EV charging payments for fleet operators.

The platform automates the reimbursement of drivers' electricity costs from home energy bills, while providing fleet managers with insights into charging expenses and emissions reductions. Addressing the administrative hurdles of managing EV charging for corporate fleets, Rightcharge claims that fleets can cut charging costs by up to 90% and carbon emissions by approximately 30%, along with easing the administrative burden of processing charging expenses.

In the past year, the company has seen its annual recurring revenue surge over twenty times and expanded to more than 200 direct fleet customers. Additionally, Rightcharge has signed its initial five licensing agreements to integrate its home charging reimbursement solution with fleet suppliers. Founding CEO Charlie Cook expressed satisfaction with the customer response, stating that the funding will enable the company to broaden its reach across Europe, foster strategic partnerships, and further develop the platform, as Rightcharge prepares for a future Series A round.