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Startup with electric car solutions already at large profit

6-digit round of financing for the development of scalable charging solutions for electric cars. Well-known investors, also from the BayStartUP investor network, should enable fast market entry in Germany

The e-Mobility startup ChargeX, founded in 2018, successfully concludes a first six-figure financing round. The business angels come from the environment of the founders as well as the BayStartUP investor network.

ChargeX is developing a novel charging infrastructure for electric cars that enables the smart charging of multiple electric cars for use in commercial and multi-family homes. With the new capital, the startup can complete the development of the charging system. The industry experience of private investors should enable a quick market entry in Germany.

The charging solution from ChargeX is aimed at the housing industry, parking operators and companies and employers with their own electric cars in the fleet.

If required, it can be extended with additional charging points (plug & play) and, thanks to integrated load management, ensures that the available connection power is not exceeded.

An intelligent charging algorithm uses individual mobility data to charge the electric cars in a time-delayed and demand-oriented manner.

“The ChargeX concept – extremely cost-effective charging points coupled with intelligent networking – is the key, if not the pre-requisite for the acceptance and spread of electromobility.” Martin Heubeck, lead investor and ex-managing director of Phoenix Contact. Besides Matthias Willenbacher (founder of juwi, the investor in SonoMotors) and Alexander Grots (founder of ProGlove), Andreas Schreiner (Internet Entrepreneur, tamiva Ventures) and Thomas Klug (EAutoLader) have also invested in ChargeX. “For ChargeX it is a great added value to be able to draw on the expertise of outstanding partners,” says Tobias Wagner, CEO of ChargeX.

About BayStartUP

BayStartUP is the Bavarian startup network for founders, investors, and companies. With the Bavarian Business Plan competitions, a comprehensive coaching offer and Germany’s largest investor network, it supports start-ups in optimizing their strategy, setting up their business and looking for startup or growth capital.

For private and institutional investors, BayStartUP ensures a qualified deal flow and offers start-up insights at exclusive business angel meetings and investor conferences. With nationwide startup industry matching and conceptual offerings, BayStartUP advises established companies on developing suitable strategies for working with startups.

Through BayStartUP, founders have contact opportunities with more than 300 active business angels and over 100 institutional investors and public investors. BayStartUP provides around 50 million euros of capital per year, with financing rounds ranging between 50,000 and 6 million euros.

Companies supported by BayStartUP are active on the market with over 13,100 employees and generate sales of almost € 1.4 billion (2017 figures). These include eight IPOs and success stories such as Flixbus, eGym, Magazino, Voxeljet, numares, Transporeon or va-Q-tec AG.

Also published on Medium.

Published inStartupsTechnology

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