Bonnet secures £850k Seed investment led by Ascension Ventures

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Electric Vehicle charging platform, Bonnet, receives a $1.3m funding for business expansion in crucial year for NetZero targets

London, UK –  23rd August 2021: Bonnet has received a £920k ($1.3m) total funding for the business; £850k in an equity financing round led by Ascension Ventures with investors from Imperial College London and APX, and winning an additional £70k grant from Innovate UK and OZEV.

Co-founders, Patrick Reich and Eliot Makabu launched Bonnet, the EV charging platform simplifying payments, in October 2019. The app gives drivers real-time data on charger availability and functionality – drawn from multiple sources – and offers drivers ‘bundles’ of cheaper charging that they can use anyway across the network, rolling over what they don’t use into the next month.

The funding supports the growth of the ten-strong team at Bonnet as well as expanding the platform’s chargepoint offering and partnerships with network operators.  The co-founders are rapidly scaling and updating their software to provide drivers with access and information on a wide range of public charging points. Since the launch, Bonnet has aggregated charging points in 1,400 locations across the UK and aims to have integrated with 70% UK chargepoints by the end of 2021. There are currently over 40 different UK charging networks with unique payment systems: Bonnet’s charging bundles will give drivers seamless access to all of these, at great rates, with 24/7 support.

The team is also introducing semi-public and private charging points for app users, paving the way for domestic chargepoint owners to monetise too, as part of a semi-public network. 

Commenting on the funding, co-founder and CEO Patrick Reich says:

“We’re honoured to have been awarded this funding round for Bonnet which will propel our offering nationwide. Since we launched in October 2019, we’ve seen a real acceleration in the growth of our platform. In the past six months alone, we’ve partnered with the likes of ESBShell RechargeEVBoxAlfa PowerFranklin EnergyPlug-N-GoAllegoFastened and char.gy to provide cheaper and simpler public charging for customers.

“Our goal is to take the anxiety out of charging electric vehicles and believe the process should be far more democratic and accessible – particularly for drivers in urban areas who need on-demand, affordable public chargepoint access. By expanding our offering this year, Bonnet can become the top resource for drivers looking for reliable real-time chargepoint data and simple EV payments: we’re committed to ensuring EV drivers never overpay again.”

For more information, please contact: [email protected]

-ENDS-

About Bonnet

Bonnet, the simple and reliable public EV charging platform:

Founded in 2019, Bonnet is a user-friendly platform that aggregates EV charge points across numerous charging networks, allowing EV drivers to use and identify available charging points through one simple app – making charging electric vehicles easier than ever.

The platform offers various benefits including its simple pricing structure, guaranteeing cheaper charging rates to EV drivers through a dynamic monthly refill plan than if paid directly through a networks app or RFID card. Also offering increased reliability with up-to-date real-time data, the app is constantly refreshed to ensure drivers are always able to charge immediately on charge point arrival. The excellent user experience is further enhanced by the app’s inbuilt customer service tool, providing instant support to any EV driver experiencing charging issues at any selected charge point across the UK.

Bonnet covers over 1,100 charging locations with networks such as Shell Recharge, ESB and Char.gy available through the app. The company recently raised $1.2m in funding which will support in its expansion of charging coverage.

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Safiya Marzook

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