Rightcharge raises GBP £500,000 to expand across Europe

Rightcharge has raised GBP £500,000 in growth funding from existing investors, led by Soulmates Ventures, as it expands its EV charging payments platform in Europe.

BlackWood Ventures and Purple Ventures also joined the round. The investment follows more than 20-fold annual recurring revenue growth, an expansion to more than 200 direct fleet customers, and entry into France and Germany.

The London-based company sells software that helps fleet operators manage electric vehicle charging costs across home and public networks. Its platform brings charging payments into one system and automates reimbursement for drivers who charge vehicles at home through their household energy bills.

Managing electric fleet charging remains a practical challenge for employers, especially when drivers charge away from depots. Public charging networks are fragmented, while home charging reimbursement often relies on manual claims and separate payment processes.

Rightcharge now works with five licensing partners that use its home reimbursement technology, including Octopus Electroverse, POD, The Right Fuel Card and Fuuse.

European push

The latest funding will support wider expansion across Europe, further product development and additional partnerships. Rightcharge has already begun operating in France and Germany through its relationship with Octopus Electroverse, with initial fleet deployments and local partner relationships in place in both markets.

This gives the company a foothold in two of Europe's largest electric vehicle fleet markets. It is looking to build on commercial momentum in the UK as businesses add more battery electric vehicles to their fleets and seek better ways to track costs and reimburse staff.

Alongside direct customer growth, Rightcharge has been developing a partner channel. Demand from energy, mobility and fleet providers for white-label or licensed reimbursement tools has become an important part of its business model.

The company recently partnered with POD, the UK charging provider owned by EDF, to automate reimbursements within POD's Home Fleet product. It has also been certified by Visa as a home charging reimbursement partner in Europe.

Customer growth

Charlie Cook, Founder and Chief Executive Officer of Rightcharge, linked the latest investment to customer retention and expansion within the existing client base.

"The response from customers over the past year has confirmed we're solving a huge problem for fleets. We're directly supporting over 200 fleet customers in the UK and have maintained exceptionally high retention, with over 99% of customers remaining on the platform after two years. Existing customers also continue to expand their use of the platform, driving revenue growth of approximately 165% within our existing customer base. Having surpassed our most ambitious growth projections since our seed round, this funding will help us expand the service across Europe by giving more fleet suppliers access to our Rightcharge home reimbursement platform, and continue to improve the product," said Cook.

Fleet electrification has become a growing operational issue for employers as electric vehicles move from pilot schemes into larger company car and van programmes. For many businesses, the challenge is no longer whether to electrify, but how to manage multiple charging routes, payment systems and employee reimbursement without adding administrative work.

Rightcharge argues that centralising those processes can lower charging costs and improve visibility over spending and emissions. According to the company, fleets using its platform can cut charging costs by up to 90% and reduce carbon emissions by around 30%, although it did not provide further detail on those calculations.

Investor backing

Soulmates Ventures first invested in Rightcharge earlier in its development and has now increased its backing. The investor said the company has shown strong commercial progress since that initial investment.

"Since our initial investment, Rightcharge has confirmed our conviction in the team, the product and the market opportunity. They have delivered rapid growth, maintained strong customer retention and secured partnerships with major players across the energy and mobility industries. As fleet electrification accelerates across Europe and other regions, we believe Rightcharge is well positioned to become a leading platform for EV charging payments and reimbursements," said Michal Sikyta, Managing Partner at Soulmates Ventures.

The new capital will also help the business deepen customer acquisition efforts and broaden its partnership base as it scales in European markets. Rightcharge plans to continue developing its platform as demand grows for systems that handle both public charging payments and home charging reimbursement in a single process.