Good Energy and Fleetcor invest £9m into Zap-Map

EV chargepoint mapping app Zap-Map has raised £9 million thanks to investment from Good Energy and Fleetcor.

Zap-Map has successfully completed a £9 million Series A fundraising, valuing the company at £26.3m, with a further £3.7m investment from Good Energy and a £5.3m investment Fleetcor.

The investment is expected to help Zap-Map expand its development team to deliver its product roadmap and could allow the company to target international expansion. Zap-Map’s commercial goals include building on its paid-subscription services and initiating international expansion.

Nigel Pocklington, chair of Zap-Map and chief executive of Good Energy, said: “I’m very excited to announce this new investment, which is a huge boost for Zap-Map’s growth plans.

“There are over half a million EV drivers in the UK, with millions more switching to electric in the coming years. It is a race towards zero-emission transport and Zap-Map is placed right at the front of the field, where we plan to keep it.

“Bringing on a partner with the scale and compatibility of Fleetcor ensures that that is possible, opening up further possibilities in international payments and fleet electrification.”

Good Energy’s participation in the round is in line with its strategy to build a platform which makes it simple for people to generate, share, store, use and travel with clean power.

Zap-Map has a strong role in its three-pronged strategy across clean energy supply, energy services and transport. The Company’s ambition is to help one million homes and businesses cut carbon levels by 2025.

Fleetcor processes billions of electronic transactions a year and recorded annual revenue of $2.8 billion in 2021.

Richard Bourne, chief executive of Zap-Map, said: “This fundraising round allows us to accelerate Zap-Map’s core mission – making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging.

“Good Energy has proven a powerful partner to date and we are delighted to have a new strategic collaboration with Fleetcor which will supercharge our ambition to accelerate the provision of services to the fleet market and allow us to look ahead and expand internationally.”