Good Energy investment Zap-Map completes £9m series-A round

Renewable electricity supplier Good Energy announced on Monday that electric vehicle charging point mapping service Zap-Map has completed a £9m series-A fundraising, valuing Zap-Map at a £26.3m post-money equity value.

The AIM-traded firm said the fundraising included a further £3.7m investment from Good Energy, and a £5.3m investment from new strategic investor Fleetcor - a global fuel card and payment provider with a market capitalisation of $17bn.

It said Zap-Map's commercial goals included building its paid-subscription services, and initiating international expansion.

The funds raised were 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 annual revenue of $2.8bn in 2021.

Its strategic investment built on an existing partnership which saw Fleetcor's ‘Allstar Business Solutions’ integrated into Zap-Map's Zap-Pay EV charging payment product.

Zap-Pay had already integrated with nine charging networks.

Good Energy said its participation in the round was in line with its strategy to build a platform to “generate, share, store, use and travel with clean power”.

Zap-Map had a “strong role” in the company’s three-pronged strategy across clean energy supply, energy services and transport.

Good Energy said its ambition was to help one million homes and businesses cut carbon levels by 2025.

“I'm very excited to announce this new investment, which is a huge boost for Zap-Map's growth plans,” said Zap-Map chair and Good Energy chief executive Nigel Pocklington.

“There are over half a million EV drivers in the UK, with millions more switching to electric in the coming years.”

Pocklington said it was a “race towards zero-emission transport”, with Zap-Map placed “right at the front of the field”, where it planned to stay.

“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, added that the fundraising round would allow the company to accelerate its core mission - “making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging.

“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 the provision of services to the fleet market and allow us to look ahead and expand internationally.”

At 1225 BST, shares in Good Energy Group were down 0.21% at 237.5p.

Reporting by Josh White at Sharecast.com.