Electric vehicle charging company EVCS is raising a $20 million round, TechCrunch+ has exclusively learned.
The startup has so far raised $7.5 million of the $20 million target, according to paperwork the company filed with the SEC on Wednesday.
If EVCS can raise the rest, this round would make for a slight step up from the $18.8 million Series A the company raised in July 2022, perhaps as an extension to that round.
But the round also suggests a tempering of expectations at the startup, which reportedly explored raising $125 million as recently as this June. The funds would have helped the company add more than 2,000 fast chargers to its network.
It’s unclear how the new round is structured. EVCS did not immediately respond to requests for comment.
Most large, public-facing EV charging companies are developing coast-to-coast networks. It’s a logical approach: If a network has a sufficient footprint, the thinking goes, drivers will come to favor it over competitors, knowing that no matter where they travel in the U.S., that company will have a charger within range.
Read the full article here
