News Briefs

ChargeLab picks up additional $15m, ups Series A round to $30m

ChargeLab's first Series A tranche of $15 million was last year led by King River Capital.

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  • The expansion includes $10 million in new equity financing at an increased valuation and $5 million in venture debt
  • As part of the equity financing, ChargeLab brought on two new strategic investors: EV charging network operator Silver Comet, and intelligent power management company Eaton
  • The funds raised will extend ChargeLab’s runway, allowing the company to expand its engineering team and help introduce new products

ChargeLab, a Toronto-based hardware-agnostic software platform for managing electric vehicle (EV) chargers, has raised an additional $15 million for its Series A financing, increasing the total to $30 million.

ChargeLab’s first Series A tranche of $15 million was last year led by King River Capital. The expansion includes $10 million in new equity financing at an increased valuation and $5 million in venture debt.

As part of the equity financing, ChargeLab brought on two new strategic investors: US EV charging network operator Silver Comet, and US intelligent power management company Eaton. Both strategic investors are collaborating with ChargeLab commercially. Silver Comet plans to build a network of DC fast charging stations leveraging ChargeLab’s technology, while Eaton has bundled a version of ChargeLab’s platform with its line of EV chargers in North America.

ChargeLab builds software to operate and optimize EV charging equipment. Its software runs at the edge and in the cloud, empowering fleets, building operators and utilities to deploy large numbers of EV chargers and manage them as an intelligent network.

“The EV charging industry remains nascent, making strategic partnerships essential for building a resilient ecosystem,” said Zak Lefevre, co-founder and CEO of ChargeLab, in a statement. “With Eaton as an investor, we’re thrilled to be working closely with one of the world’s leading providers of EV charging hardware. We’ve also expanded our portfolio of strategic investors by welcoming Silver Comet as a shareholder.”

The funds raised will extend ChargeLab’s runway, allowing the company to expand its engineering team and help introduce new products.