The leading platform for electrical vehicle charging now present all across Europe.
- Why now
- Geo and the Team
- Business model
- Traction and metrics
- Funds spent until today + existing investors
- Round info
Disclaimer All research on startup and the whole investment memo has been done for personal use of Akim Arhipov.
“Deliver the best unified charging solution for every stakeholder within the Electronic Vehicles (EV) transformation.”
PitchDeck for more details:
Two-sided marketplace for EVs, operating both in B2C and B2B verticals. Northe enables access to the majority of all charging operators in one app. Use a vast network of charging stations, plan your route and pay directly in the app.
Northe is connecting the industry service providers (Monta, Plugsurfing, Virta, Ctek, Ionity, etc) to consumers (Bolt, AVIS, McDonalds, BMW Group, etc) via Northe API
About 3m EV’s in Europe in 2022 / Expected 40m EV’s in Europe by 2030 (EU directive of “Lower CO2 emissions by 70% within the transport sector until 2030” - is going to slow)
Considering the fact that Sweden (and Norway) are leading the way when it substituting fuel cars to EVs, thee is still no settled united standard what apps to use while charging your EV, both B2C and B2B.
“Sweden is actively pursuing climate targets – with ambitions to become carbon neutral by 2045 and end the sale of fossil fuel vehicles by 2030. The country has even launched the world’s first electrified road in Stockholm, which actively charges cars and lorries using an innovative energy transfer system” Source
A look into Sweden's EV charging infrastructure | Mer
Sweden, one of the countries Mer operates in, has made significant steps towards reducing its carbon footprint. A space that Sweden consistently performs highly in is the electric vehicle sector, as the increase in EV driving and the subsequent development of the country's EV charging infrastructure is invariably reducing their transportation system's environmental impact.
Geo and the Team
Swedish based / live in 18 European countries / Team of Tamas Hess / David Fauné / Stefano De Colli
Transaction fee: In average 10% fee on all changing transactions through our platform
License fee: Average of 6€ per connected company vehicle and month
Connection fee: Average of 3€ per connected charge box and month
Traction and metrics
Revenue: Q1 2022 was at ca.32k€ / Q3 2022 is at 190+k€
Burn: 53K€ January 2022 / 105K€ October 2022
Users: 3700 January 2022 / ca.25 000 September 2022
Charges: less than 3000 Q3 2021 / ca.35 000 Q3 2022 (Average monthly revenue per fleet vehicle is 54€)
Clients: Avis, Leasplan, Bolt, Posten Norway/ Bring, Aimo Share,
Plugsurfing (SE) / Elton (NO) / Bonnet (UK)/
Funds spent until today + existing investors
Investors on board: Peter Silfverswärd, David Österdahl
Board members: Tamas Hess (Chairman), David Faune, Stefano DeColli, Peter Silfverswärd, Alexandra Barganowski, David Österdahl, Pontus Frohde.
Cap Table: ca.70% founders
Investment type: New share issue
Committed so far: ca.600k€ (round not public yet, commitments from existing investors)