ProVen VCTs renew partnership with David Martell and lead £4m Series A for EVIOS

Founder of Chargemaster, acquired by BP in 2018, secures growth capital from former backer

London, 19 February 2024: EVIOS, owner of premium home charge point provider Andersen EV, has secured £4m in its Series A. The round was led by the ProVen VCTs and it brings total investment in EVIOS to £10m.

The investment marks a renewal of the partnership between the ProVen VCTs and David Martell, founder and CEO of EVIOS, having previously worked together in scaling Chargemaster, a leading provider of electric vehicle (EV) charging infrastructure that was acquired by BP in 2018. Following initial funding in 2014, the ProVen VCTs worked alongside David Martell to spearhead the development of Chargemaster’s nationwide charging infrastructure and establish the business as a profitable market leader.

EVIOS launched in 2022 to provide the UK’s growing population of EV owners with a seamless charging experience at home. Leveraging the substantial experience of the former Chargemaster team, the business has grown rapidly. In October 2022, EVIOS acquired Andersen EV, the UK’s leading premium home charge point provider.

Within a year of the acquisition, Andersen EV had seen a 104 per cent increase in sales, leveraging its position as a key provider for several leading premium automotive brands. It is a recommended installer for Porsche and a preferred supplier for Jaguar Land Rover in the UK.

Both Andersen EV and EVIOS are harnessing the substantial growth in the market for EVs across the UK and the subsequent increase in demand for home charging solutions. It is projected that EV sales will represent at least 52 per cent of all car sales in the UK by 2028, while the UK Government has imposed a target on manufacturers for 80 per cent of new cars sold to be electric by 2030.

Prior to establishing Chargemaster and EVIOS, David Martell scaled Trafficmaster, a traffic sensing and navigation company, from foundation to its £500m listing on the London Stock Exchange.

This round of funding will be used to further accelerate the growth of Andersen EV, expand production and bring to market the next generation of products focusing on the premium sector of the charging market.

Malcolm Moss, founding partner of Beringea, the investment manager of the ProVen VCTs, commented: “David is an exceptional entrepreneur. His track record of scaling businesses that shape the future of the automotive industry in the UK is peerless. We are therefore delighted to be working alongside David once more and backing the growth of a business that will play a vital role in the growth of the UK EV market and the success of the country’s energy transition.”

David Martell, founder and CEO of EVIOS, commented: “I am delighted to be working again with Malcolm and the rest of the team at the ProVen VCTs. The EV market is growing rapidly, and we see significant commercial opportunities over the next decade. The products we have developed are at the premium end of the market, and we are excited about continuing to offer a complete high-level product and service offering for the discerning EV customer as the market grows over the coming years."


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