SparkCharge, the world’s first mobile EV charging network, announced today that it has secured $23 million in Series A funding led by Tale Venture Partners and Pendulum to scale the first mobile and intelligent EV charging network in the United States. SparkCharge has received additional funding from a variety of sources, including Revolution’s Rise of the Rest Seed Fund, the Mark Cuban Companies, and Silicon Valley Bank. Some prominent celebrities, such as Pusha-T and Summer Watson, have joined the round, signaling a shift to meet consumer demand for more accessible EV charging solutions.
“The opportunity to lead SparkCharge’s Series A fits squarely within what we want to do at Tale – continue backing underrepresented founders building compelling businesses and investing in compelling and novel businesses that can generate outsized returns and outcomes, while showing the two aren’t mutually exclusive,” Ed Jean-Louis, Co-founder and Managing Director at Tale Venture Partners. “We saw the makings in 2019 when we made our initial investment in SparkCharge, and the data is even more apparent today. We couldn’t be more excited to continue partnering with Josh and the entire team as we revolutionize electric vehicle charging and help accelerate EV adoption.”
“At Pendulum, we exclusively invest in founders and leaders of color, especially those we believe are set to transform their industry. The burgeoning demand for SparkCharge’s products is a clear indicator of how critical the company’s next phase of growth is,” said Rish Sinha, Managing Director at Pendulum. “SparkCharge has the opportunity to play an important role as the EV industry continues to evolve, making SparkCharge a natural alignment for Pendulum. We are looking forward to working with SparkCharge to deliver this essential, accessible solution to the market.”
SparkCharge has experienced unprecedented growth over the past few months, with EV owners quickly surpassing 100,000 miles of delivered range. This year, the Currently app is on track to deliver millions of miles of charge to electric vehicles, thereby preventing over 85 tons of CO2 emissions. Throughout the course of the year, additional solutions will be implemented on the Currently app, all with the goal of making EV adoption more seamless.
SparkCharge’s expansion will be supported by the funding, with plans to scale. Currently, SparkCharge’s mobile app for on-demand charging allows users to schedule a charge to be delivered to their electric vehicles. The funding will aid Currently’s expansion into over 20 new markets and allow the company to develop new mobile charging products. In addition, as fuel prices continue to rise, SparkCharge is well-positioned to encourage drivers to switch to EVs and rely less on gas-powered vehicles by eliminating charging accessibility issues.
“We are honored that our new and existing investors believe in and want to be part of our journey to continue revolutionizing the mobile charging industry,” said Josh Aviv, CEO and Founder of SparkCharge. “With the growth of the EV industry and the major gaps in charging access, we will be better able to scale our EV network regardless of the infrastructures in place. The investments will also allow our team to serve markets where no one else can to meet the needs of EV owners and fleets across the country, in major cities and suburbs.”
The funding follows SparkCharge’s significant achievements in 2022 to date. SparkCharge has secured several partnerships and programs with global brands utilizing its mobile charging technology since the beginning of the year, including Kia Motors, Hertz, Uber, and others. Additionally, SparkCharge’s Currently app has been released in four cities, with plans to expand to additional markets.
“SparkCharge is thriving by offering a unique concierge service, while everyone else is pushing the same old, same old self serves,” Mark Cuban, the founder of Mark Cuban Companies, added. “Currently makes charging convenient and accessible to a booming industry, reinvesting in them was an easy decision.”
SparkDay, the company’s annual event held in August at its Somerville, Massachusetts headquarters, will feature the unveiling of several new products and major updates that will have a significant impact on electric vehicle (EV) charging.
Founder and CEO Joshua Aviv continues, “The products we reveal on SparkDay are really going to allow for a fundamental shift in the way people perceive EV charging. We are going to disrupt the traditional way EV charging is done at its core and open the world’s eyes to a seamless, connected way of EV charging, effectively removing the EV owner from the EV charging equation. This has never been seen before but it will open the door to the mass adoption of electric vehicles across the globe.”
