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POD Point crowdfunds $1.9m for even more vehicle charge points

As electric vehicles start to enter the mainstream, startup POD Point has raised $1.9m through crowdfunding platform Seedrs.

The London-based startup produces electric vehicle (EV) charge points and its campaign is the third largest ever on Seedrs. They have reached their target with 39 days to spare, which means the business could go on to raise an even higher total.

Read more: Seedrs – “Global investment platform absolutely possible”

EV growth

The startup has shunned traditional investment routes and chosen crowdfunding because of the large number of people with “passion and interest in electric vehicles and who recognise the sector’s huge growth potential”.

“This is a rare and exciting financial opportunity to be part of the growth of an established business, at the forefront of an industry with huge, and inevitable growth potential,” explains Erik Fairbarn, CEO and founder of POD Point.

Car retailers’ adoption of the new technology has led to a 264% growth in 2014. BMW, Nissan and Tesla all now produce relatively affordable EVs.

POD Point’s past

POD Point produces a number of electric car chargers. which span both commercial and residential use.

Founded in 2009, the startup had shipped over 17,000 charging points to over 14 countries, and currently has a 27% market share in the UK.

It reported turnover of £4.5m in the last financial year, representing a 130% growth in the last year.