Why we invested in ChargerHelp
.webp)
Introduction
In the midst of ascending trends in the venture markets, we are proud to champion Co-founder and CEO Kameale Terry, of ChargerHelp! This CleanTech and Future of Work company is woman-led, and provides on-demand repairs and maintenance for electric vehicle charging stations across the country. In addition, ChargerHelp! serves as a B2B subscription-model (Reliability-as-a-Service or “RaaS”) for original equipment manufacturers of electric vehicles to provide real-time data and insights on charging stations uptime and downtime via its proprietary EMPWR solution. Not only does this benefit current EV drivers, it contributes to a long-term environmental solution for Black families who are disproportionately affected by air pollution.
Overview of Investment Strategy
Formally, the US Government has invested over $100B in CleanTech infrastructure (via Infrastructure Investment and Jobs Act a.k.a. INVEST in America Act). The global CleanTech market is expected to grow at a compound annual growth rate of 10.7% between 2021 and 2028, reaching a market size of $1.5 trillion by 2028. This growth is being driven by government initiatives, such as the Paris Agreement and the Green New Deal, as well as consumer demand for sustainable products and services.
Ultimately, there have been a combination of factors that contributed to Kameale and her team positioning ChargerHelp! as a vital player in the broader EV ecosystem. As the EV market expands and the need for reliable charging infrastructure becomes even more critical, ChargerHelp!'s services will undoubtedly continue to be in high demand, fast, reliable, and stress-free for drivers.
Deep Dive into Selected Portfolio Company
It is our goal to search for transformative solutions in the sustainability sector, and it is impossible to ignore a pressing challenge: the health and efficacy of our nation's electric vehicles (EV) and charging infrastructure. Even as our country pushes more and more consumers toward electric vehicles, an unaddressed issue remains– The downtime and inefficiency of EV charging stations. The malfunction of these critical units dampens consumer confidence in electric transportation. This is where ChargerHelp! steps in, filling a gap that's been largely overlooked. Their innovative platform is revolutionizing the way EV charging station repairs are done, by seamlessly connecting specialized technicians to stations in need of immediate attention. By streamlining maintenance and ensuring the robustness of these charging stations, ChargerHelp! is strategically positioned to drive the EV sector forward, ensuring reliability and bolstering consumer trust in this EV infrastructure. We firmly believe that ChargerHelp! is not only addressing a significant market need but is also propelling our nation closer to its sustainable transportation goals.
ChargerHelp! has uniquely positioned itself in the EV marketplace with a unique and specialized focus on the repair and maintenance of EV charging stations. This means Kameale’s team can dedicate its resources and expertise to ensuring that charging stations, which are the lifelines for electric vehicles, function optimally. A malfunctioning station can hinder an EV user's experience, but with ChargerHelp!'s on-demand service model, issues can be addressed promptly, ensuring minimal downtime and reinforcing user confidence in EV infrastructure. With this kind of time, EVs are more reliable, and become a sought after CleanTech tool to reduce fuel emissions in our communities.
There are several factors that uniquely position ChargerHelp! in the EV space. First, their focus is not on producing or even primarily distributing EV chargers, but on ensuring they work efficiently and are well-maintained, a niche that has yet to be addressed. This specialization allows them to partner with just about any EV charging company instead of competing against them. Second, their tech-driven approach offers scalability, which means more stations in our neighborhoods. Forbes cites a lack of charging stations as to why 2% of EV drivers are Black. ChargerHelp’s app-based reporting and troubleshooting means that as more charging stations are deployed, they can also maintain their efficiency without a linear increase in overhead costs. Lastly, they've also emphasized training and creating jobs within local communities, ensuring a knowledgeable workforce ready to address any issues that arise.
ChargerHelp! was founded on the principle of addressing a critical gap in the EV market: the maintenance and repair of charging stations. As EV adoption accelerated, so did the deployment of charging stations. However, these stations, like all electrical equipment, could malfunction or face wear and tear. ChargerHelp! recognized this issue early on and devised a software solution to address it. They developed a web-based application that not only allowed for the quick reporting of issues but also offered troubleshooting guidance and efficient repair dispatch. As EV adoption continued to grow, the demand for such a service became even more pronounced, leading to substantial growth for the company.
Future Vision - Where the company aims to be in the near and distant future and how it plans to get there
Cross Portfolio Analysis
Themes, trends, or synergies among your investments
Diverse sectors, geographies, or team compositions that enhance the portfolio’s strength
The Importance of Strategic Partnerships & Networking
Highlight the role of networking events, industry conferences, and partnerships in discovering and vetting these opportunities
Showcase any collaborations or mutual support structures within your portfolio network
Conclusion
Emphasis on women founders, cleantech impact, strength of ev investment
- Investment in electric vehicle (EV) segment continues to dominate in Q3
- EV deal value dominates in 2023 as autonomous driving, freight, and last-mile fall off
- Investment in female founders struggles to keep pace with 2022
- All-female-founded companies finding market difficult
- Q3 2023 US mobility tech VC deal activity by segment*
Call to Action (CTA)
Connecting our community is very crucial to our team, and we welcome everyone along our journey. Please let us know if ChargerHelp! is a company you would like to learn more about, or how we can help you or an EV hopeful get involved in cleantech vertical or general welfare of our environment. You could also amplify our news and updates throughout your networks, or sign up for our newsletter via Substack here.
Sources
- Pitchbook Q3 Venture Report
- Forbes, Sept 2022: Black Founders of EV-Charging Startups Have More Than Profits On Their Minds
