Electric vehicle charging infrastructure startup Loop Global announced today that it has raised $40 million in a Series A funding round, aimed at supporting the company’s growth of its U.S. operations and its expansion to new countries.
Launched in 2019, Loop provides EV charging solutions including turnkey hardware, software and ongoing operating service-based solutions, aimed at making EV charging more accessible and easily deployable for commercial, multifamily residential, fleet and municipal real estate property owners. The company currently provides EV charging solutions in all 50 U.S. states, and in 15 countries around the world.
Dustin Cavanaugh, Co-Founder and CEO of Loop, said:
“At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV charging infrastructure that is there to support it. Loop is streamlining this transition by making next generation EV charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.”
The financing was led by real estate technology-focused venture capital firm Fifth Wall, and supply chain services company Agility’ corporate venture arm, Agility Ventures, with participation from Keystone National Group. Keystone also provided Loop with a $20 million financing facility to help support the company’s growth.
Peter Gajdoš, Fifth Wall Partner and Co-Lead of its Climate team, said:
“It’s no secret that electric vehicles are the future of the transportation sector. Loop’s vision is to completely transform the delivery of turnkey EV charging networks through an end-to-end, cost effective solution which enables property owners to passively offer EV charging services to their tenants, employees or customers.”