Zap-Map raises investment from Fleetcor and Good Energy

Good Energy has announced that Zap-Map has successfully completed a £9m Series A fundraising, valuing Zap-Map at £26.3m post-money equity value.

This includes a further £3.7m investment from Good Energy and a £5.3m investment from new strategic investor Fleetcor UK Acquisition (Fleetcor). Zap-Map’s commercial goals include building on its paid-subscription services and initiating international expansion. The funds raised are expected to fuel the expansion of Zap-Map’s development team to deliver its product roadmap and could pave the way for Zap-Map’s international expansion.

Fleetcor processes billions of electronic transactions a year and recorded an annual revenue of $2.8 billion in 2021. Its strategic investment builds on an existing partnership which sees Fleetcor’s Allstar Business Solutions integrated into Zap-Map’s Zap-Pay product, which is designed to make EV charging payments simple. Zap-Pay has already integrated with nine charging networks.

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 supplies, energy services and transport. The company’s ambition is to help one million homes and businesses cut carbon levels by 2025.

Nigel Pocklington, Chair of Zap-Map and Chief Executive of Good Energy says: “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 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.”

Richard Bourne, Chief Executive of Zap-Map, comments: “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 for electric vehicle charging and pay for it. 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 our provision of services to the fleet market and allow us to look ahead and expand internationally.”