Rightcharge, a fleet EV charging payments startup, has raised £500,000 in growth funding led by Soulmates Ventures, with participation from BlackWood Ventures and Purple Ventures. Based in London, the platform brings home and public charging into a single system for fleet operators.
Public charging remains fragmented, while reimbursing drivers for charging at home is often manual, error-prone and time-consuming for fleet operators. Rightcharge reimburses drivers automatically through their energy bills and gives fleet managers a clear view of charging costs and emissions. Fleets using the platform cut charging costs by up to 90%, reduce carbon emissions by around 30% and significantly reduce administration burden.
Fleet electrification is accelerating, with battery electric vehicles offering 20-50% lower operating costs and the transition projected to unlock up to €246 billion in operating cost savings by 2030, according to Eurelectric. Large companies across Europe are also preparing for proposed EU rules that would require 45% of new fleet vehicles to be battery electric by 2030.
Over the past year, Rightcharge has delivered more than 20x ARR growth, expanded to over 200 direct fleet customers and closed its first five deals to license its home reimbursement technology to major fleet suppliers, including Octopus Electroverse, POD (the UK EV charging provider owned by EDF), The Right Fuel Card (an Edenred company) and Fuuse. More than 99% of customers remain on the platform after two years, and revenue within the existing customer base has grown by approximately 165%. Through the partnership with Octopus Electroverse, operations have started in France and Germany, with initial fleet deployments and local partner relationships in place, and Visa recently certified Rightcharge as a home charging reimbursement partner in Europe. Founder and CEO Charlie Cook is a trained engineer who worked at CERN before becoming a founding member of Octopus Electric Vehicles and Octopus Electroverse.
The new funding will support further European expansion, product development and strategic partnerships, helping Rightcharge scale customer acquisition and prepare for a future Series A.
The response from customers over the past year has confirmed we're solving a huge problem for fleets. We're directly supporting over 200 fleet customers in the UK and have maintained exceptionally high retention, with over 99% of customers remaining on the platform after two years. Existing customers also continue to expand their use of the platform, driving revenue growth of approximately 165% within our existing customer base. Having surpassed our most ambitious growth projections since our seed round, this funding will help us expand the service across Europe by giving more fleet suppliers access to our Rightcharge home reimbursement platform, and continue to improve the product.
Since our initial investment, Rightcharge has confirmed our conviction in the team, the product and the market opportunity. They have delivered rapid growth, maintained strong customer retention and secured partnerships with major players across the energy and mobility industries. As fleet electrification accelerates across Europe and other regions, we believe Rightcharge is well positioned to become a leading platform for EV charging payments and reimbursements.
