The round is led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The funds will be used to expand Treehouse's Installation-as-a-Service offering to more than 30 US states in the next 12 months, while investing in software that can expand the offering to other electrification products.
The Edison Electric Institute projects that 26.4 million electric vehicles will be on US roads in 2030, meaning that EVs will make up nearly 10% of the 259 million cars and light trucks on the road in less than eight years. Treehouse is addressing this by providing a home charging solution that allows EV owners to get an estimate in under two minutes and bundle home charging installation with the purchase of the best charger for everyone’s budget and needs.
"Home charging is an essential part of the EV ownership experience and Treehouse is transforming the customer experience with a novel approach," said Todd Kimmel, founder and managing partner of Montage Ventures. "We believe the installation-as-a-service model has disruptive potential in electrification far beyond EVs."
Treehouse's pricing technology allows EV buyers to receive an instant, guaranteed quote for home charging installation at the point of sale in auto retail locations or while applying for vehicle financing. Instant pricing allows home charging to be integrated directly into the vehicle loan, reducing barriers to affordability for home charging. Treehouse also automates permit documentation and has a proprietary network of electricians, enabling the company to deliver an elevated experience by managing the customer journey from end to end.
Beyond charger installation, Treehouse is helping EV owners maximise incentives and rate plans by compiling every federal, state, and local incentive for home EV charging. This ensures that Treehouse's customers can claim available rebates and select the best utility plans for their needs.
"Decarbonising homes is an urgent task, with over one billion machines needing to be replaced or upgraded on the path to decarbonising US homes in the next 15 years," said Eric Owski, CEO and co-founder of Treehouse. "This funding round will allow us to rapidly expand our geographic footprint and solve core technical problems that have been barriers to scale in this industry until now."
