Kazam raises $6.2 million to expand EV charging globally
The electric vehicle (EV) revolution is gaining momentum, and companies like Kazam are playing a crucial role in making it a reality. Kazam, an EV energy-tech firm, has raised $6.2 million in Series B funding to support its global expansion and digital EV infrastructure growth. The funding round was led by International Finance Corporation (IFC), Vertex Ventures SEA & India, and Avaana Capital.
This latest funding brings Kazam’s total raised to $10.2 million, solidifying its position as a key player in the clean mobility space. With a growing network of over 68,000 charging points and a staggering 5 million sessions recorded, Kazam is poised to hit $12 million in revenue this fiscal year.
Kazam’s mission is to create a seamless and sustainable EV charging experience for consumers. The company’s digital EV infrastructure enables users to easily find, access, and pay for charging sessions using its mobile app. This convenience, combined with Kazam’s focus on quality and reliability, has helped the company build a loyal customer base.
The funds raised will be used to accelerate Kazam’s global expansion plans, with a focus on Asia, Europe, and the Americas. The company plans to establish partnerships with local governments, automakers, and other stakeholders to create a robust and widespread EV charging network.
Kazam’s growth has been impressive, with a 300% year-over-year increase in charging sessions. This rapid growth is attributed to the increasing adoption of EVs, government incentives, and the company’s commitment to innovation and customer satisfaction.
The EV market is expected to continue its upward trajectory, with some predictions suggesting that EVs will account for over 50% of new car sales by 2040. As the demand for EVs grows, so too will the need for reliable and convenient charging infrastructure.
Kazam’s focus on digital infrastructure is critical to meeting this demand. The company’s mobile app allows users to easily locate and pay for charging sessions, making it an attractive option for consumers who want to transition to EVs.
The funding round was led by IFC, a member of the World Bank Group, which has a strong track record of investing in sustainable energy projects. Vertex Ventures SEA & India, a leading venture capital firm focused on Southeast Asia and India, also participated in the round. Avaana Capital, a growth equity firm, completed the financing.
In a statement, the CEO of Kazam said, “We are thrilled to have received the support of such esteemed investors. This funding will enable us to accelerate our global expansion plans and further develop our digital EV infrastructure. We believe that EVs have the potential to transform the way we think about transportation, and we’re committed to making that vision a reality.”
As the world continues to transition to cleaner forms of energy, companies like Kazam will play a critical role in shaping the future of mobility. With its commitment to innovation, customer satisfaction, and sustainability, Kazam is well-positioned to capitalize on the growing demand for EV charging infrastructure.
Source:
https://startuptalky.com/news/kazam-secures-6-2-million-series-b-funding/
