Bonnet charging app rakes in over £3 mn in funding
Bonnet, a London-based EV charging app with a European scope, has launched a public crowdfunding campaign after drivers already using the app had pledged to take a stake in the company. Bonnet also reveals that it got £3 million in equity from powerful investors.
Bonnet’s list of institutional investors is an eclectic mix with GV (the investment arm of Google), Lightspeed Venture Partners, and 20VC joining partners from the transport space, such as Tier Mobility, Wise, and Deliveroo.
Bonnet says it will use the fresh capital to accelerate growth. In the last three months alone, it claims it has more than doubled its coverage in Europe and now shows over 200,000 chargers from over 40 networks on its app.
This year, Bonnet plans to focus on reliability, further grow across the UK and Europe, and introduce an array of new features for drivers and fleet managers.
Patrick Reich, CEO and co-founder of Bonnet, said they had been growing “extremely quickly” over the past year. “Our long-term mission is to be the only app EV owners need to have on their phone, and this new funding from both our current and existing backers and investors will accelerate us towards that ambition.” Reich added, “engaging with and speaking to our active driver community every day has been central to how we’ve built our service” and led to the crowdfunding campaign.
The strategy has already paid off – the Bonnet campaign on Crowdcube asked for half a million pounds. At the time of writing, the company had exceeded that goal with 115% of capital raised, however, from only 201 investors at a share price of £9.06.
Bonnet was launched in 2021 by university friends Patrick Reich and Eliot Makabu. Both were recently listed in Forbes 30 under 30 list for their work on decarbonising transport.