EasyCharger reached 125% (which is the maximum allowed by the Spanish National Securities Market Commission “CNMV”) in the financing round today through the Spanish equity crowdfunding platform Fellow Funders. The company founded in Palencia (a province located in northern Spain) has the largest fast-charging network for electric vehicles in Spain and has raised €624,979 from 150 investors.
In this regard, this funding round is quite special since it has been raised amid the COVID-19 crisis. Through this funding round, which has had an average ticket of €4,166, EasyCharger seeks to fi- nance new charging stations throughout Spain. Therefore, expanding its current offer that already has 15 stations and 45 charging points. This capital raised will allow the company offer to its current and potential clients more charging points in the major Spanish roads and highways.
As Daniel Pérez, Co-Founder and CEO of EasyCharger explains: “we decided to used Equity Crowdfunding and we have not made a mistake, we have raised the money we needed to continue to grow without bank leverage and we have involved more than 150 investors“.
In addition, some of its plans are to improve the back office and front office systems of its platform, in order to offer its partners and customers an unprecedented user experience, for both the planning and the quality service. “The success of this funding round is a clear example that investors are taking a chance on new busi- ness models for the future, i.e. sustainability and the environment”, says Francisco Mariscal, CEO of Fellow Funders. Closing this round means that Fellow Funders has become the Spanish platform that has raised the most capital since its foundation at the end of 2016.
EasyCharger was founded in 2017, when the electric vehicle charging station market was not yet a reality in Spain. The company currently have fast chargers (50 kW) and semi-fast chargers (22 kW) located in the major Spanish roads and highways. The long-term objective is to install these chargers in the European roads. The current chargers installed have allowed the company to be adapted to the needs of their growing client portfolio. In fact, “most of its investors are clients of the company’s charging points”, notes Mariscal.
With this financing round, Fellow Funders, a Spanish fintech authorized by the CNMV to work equity crowdfunding, opens a new funding route for this type of projects in full expansion. “Easy- Charger could have obtained the necessary finance to install new charging points through the banks, but instead it has decided for equity crowdfunding in order to involve its most loyal clients in this project”, concludes Francisco Mariscal, CEO of Fellow Funders.