Rightcharge has secured £500,000 in growth funding to support its expansion across Europe, securing capital from existing backers including Soulmates Ventures, BlackWood Ventures, and Purple Ventures. This financial injection follows a year of rapid commercial momentum for the company, which achieved over 20 times recurring revenue growth and expanded its direct fleet customer base to more than 200 clients. The funding will help the firm continue its geographic expansion after launching operations in France and Germany and deepening relationships with major energy and mobility providers. The round was led by Soulmates Ventures, who were joined by BlackWood Ventures and Purple Ventures to provide the necessary capital for this next stage.
Scale and retention metrics
The company has maintained exceptionally high retention rates, with over 99% of customers remaining on the platform after two years. Rightcharge’s existing client base also drove revenue growth of approximately 165% within the past year, a figure that exceeds the company’s most ambitious projections since its seed round. These results have prompted investors to double down on their support, with Soulmates Ventures managing partner Michal Sikyta noting the team has confirmed their conviction in the product and market opportunity. This strong performance indicates that the company is successfully solving a significant problem for fleets, as highlighted by founder and CEO Charlie Cook.
Rightcharge provides technology that enables automated home reimbursement for electric vehicle (EV) charging, a service now certified by Visa as compliant with European security and integration standards. The platform is used by fleet suppliers to offer charging reimbursements as part of broader EV offerings, creating a new revenue stream for partners. The technology connects directly to charging networks, processing payments and reimbursements without manual intervention from fleet managers or employees. This automation reduces the administrative burden on businesses while ensuring drivers are reimbursed accurately for their charging expenses.
European market entry
Through partnerships with Octopus Electroverse, Rightcharge has established operations in France and Germany, the two largest EV fleet markets in Europe. The company has secured initial fleet deployments and built local partner relationships to support its European rollout. This geographic expansion aligns with broader industry trends as fleet operators seek reliable infrastructure for electrification, a reality that puts pressure on companies to provide seamless payment and reimbursement solutions. The decision to enter these specific markets was driven by the high concentration of electric vehicle adoption and the growing demand for efficient charging management systems.
The funding will be used to scale customer acquisition, deepen strategic partnerships, and prepare the company for a future Series A round. As the market for EV charging payments grows, Rightcharge is positioning itself to become a leading platform in the sector. The company continues to develop its product to handle the increasing complexity of charging infrastructure across different regions and providers. This development is key as the European charging environment becomes more fragmented, requiring sophisticated software to manage interoperability between various networks and charge point operators.
Strategic partnerships
Rightcharge has integrated with several major energy and mobility providers to enhance their EV charging offerings. The firm works with Octopus Electroverse, The Right Fuel Card (an Edenred company), and Fuuse, alongside recent partnerships with POD, the UK EV charging provider owned by the French energy group EDF. These collaborations allow providers to offer automated home reimbursement through Rightcharge’s platform, simplifying the process for fleet managers and drivers. By integrating with established players in the energy sector, Rightcharge is able to leverage their existing customer bases and infrastructure to accelerate its own growth.
