This investment will fuel AmpUp's aggressive US market expansion and drive continued innovation in energy management solutions for the EV charging sector.
Touchdown Ventures led the latest funding round, showcasing strong investor confidence in AmpUp's growth potential. Additional new investors included Autotech Ventures, MUUS Climate Partners, with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others.
AmpUp has demonstrated impressive growth over the past 24 months, with subscription revenue surging by over 700% while EV port management and charging port utilisation have tripled. The company's recent partnership with WEX is poised to further accelerate this momentum. It will enhance charger utilisation and revenue streams by enabling integrated payment solutions for fleet customers. AmpUp's expansion has solidified its position in the EV charging sector, capturing 4% of the US commercial Level 2 (L2) charging market in just three years. Today, AmpUp serves over 1,000 customers across the US and Canada, positioning itself at the forefront of the industry's rapid evolution.
This latest funding round builds on AmpUp's recent strategic moves, adding industry-leading talent to its executive team. Mike DiNucci, a veteran of the electric vehicle charging industry, joined as chief revenue officer, bringing invaluable experience from his early days at ChargePoint. With her deep expertise in working with site owners, Randa McMinn takes on the chief marketing officer role. And Reeve Harde, a proven leader in energy sector investments, strengthens AmpUp's financial foundation as head of finance. These strategic appointments position AmpUp for accelerated growth and continued electric vehicle charging market leadership.
With the Series A completion, AmpUp welcomes three new members to its board of directors. Greg Bergamesco, managing director, Touchdown Ventures brings extensive expertise in mobility, electrification, and energy. Ivy Nguyen, principal, Autotech Ventures team are the world's leading mobility investors, having previously supported their portfolio companies like Lyft and Volta through successful exits via initial public offerings. Meanwhile, David Jackson, COO, AmpUp is a technology leader with 17 years at Amazon in roles across operations, retail, and devices. Most recently, he led product and engineering for Amazon's Alexa Core Smart Home before joining AmpUp as its COO.
AmpUp has also announced the addition of Logan Grizzel, partner at MUUS, as a board observer and key advisor to the company. Grizzel's decade of automotive experience at Toyota Motor Corporation will be a valued asset in supporting AmpUp's growth and maturity over the coming years.
