ChargePoint, the US-based operator of an electric vehicle (EV) charging network, raised $127m yesterday, from investors including oil and gas supplier Chevron and energy utility American Electric Power (AEP), according to Forbes.
The company did not disclose the investors in the round, but Forbes and TechCrunch revealed the participation of AEP, Chevron subsidiary Chevron Technology Ventures, venture capital firm Clearvision Ventures and private equity firm Quantum Energy Partners.
Formerly known as Coulomb Technologies, ChargePoint offers subscription-based charging services for EVs that encompasses more than 110,000 charging stations. It will allocate the funding to strengthening its commercial and fleet businesses.
The latest round took ChargePoint’s total funding to $667m. It was described as incremental financing and follows on from a $240m series H round in late 2018 led by Quantum Energy Partners that featured AEP, Chevron Technology Ventures and Clearvision.
Carmakers BMW and Daimler also took part in the 2018 round, through BMW i Ventures and Daimler Trucks & Buses respectively, as did industrial technology producer Siemens, Braemar Energy Ventures, Linse Capital, GIC and Canada Pension Plan Investment Board.
Daimler had already led Chargepoint’s series G round, which closed at $125m in 2017, investing alongside Siemens, BMW i Ventures, Linse Capital, Braemar Energy Ventures and Rho Capital Partners.
The company had previously raised $50m from energy utility Constellation Energy, Linse Capital and Braemar Energy Ventures in 2016, two years after a $4m investment by Constellation subsidiary Constellation Technology Ventures.
Existing investors BMW, Siemens subsidiary Siemens Venture Capital, Rho Ventures, Braemar Energy Ventures, Kleiner Perkins Caufield & Byers (KPCB) and Voyager Capital had provided $22.6m in funding for ChargePoint earlier in 2014.
Siemens Venture Capital had joined Hartford Ventures and Toyota Tsusho – subsidiaries of insurance group The Hartford and carmaker Toyota – Braemar, KPCB, Rho Ventures, Voyager Capital and Harbor Pacific Capital Partners to supply $47.5m in a 2012 series D round followed by a BMW investment soon afterwards.
ChargePoint had previously received $15m in series C funding from Siemens Venture Capital, Hartford Ventures, industrial manufacturers LS Industrial Systems and LS Cable, Harbor Pacific, Rho Ventures and Voyager Capital in 2010.
Voyager Capital and Rho Ventures had co-led the company’s $14m series B round earlier the same year, investing with Siemens Venture Capital and Hartford Ventures, following a $3.75m series A led by Estag Capital in 2009.
Photo courtesy of ChargePoint, Inc.
