Hot Start-up Bonnet secures $1.3m in funding, signalling a win for EV charging

London-based start-up Bonnet, a new electric vehicle charging platform, has managed to secure £920,000 ($1.3m) in funding, to accelerate its business expansion plans.

£850,000 is accredited to an equity financing round led by Ascension Ventures, with the likes of Imperial College London investing in the project, whilst an extra £70,000 came in the form of a grant from Innovate UK and OZEV.

Co-founders Patrick Reich and Eliot Makabu will undoubtedly be thrilled about such an advancement in just under two years since the platform launched. They hope to widen horizons both within their currently small team as well as within infrastructure plans and business partnerships.

Bonnet’s underlying mission is to seamlessly improve electric vehicle driver experience when it comes to charging. Their user-focused app offers real-time data on charger availability for driver convenience, a function particularly useful as electric vehicle presence grows and drivers scramble to find chargers hassle free.

Equally as attractive is a straightforward pricing structure where you “choose a package that suits your needs”. Monthly charging bundles aim to offer a competitive rate and can be used across a range of network operators including ESB, Shell Recharge and Plug-N-Go. In addition, unused credit rolls over into the next month so you always get the electricity you pay for. CEO Patrick Reich is committed to “ensuring EV drivers never overpay again”.

Bonnet is also dipping its foot into the semi-public network where it hopes to introduce semi-public and private charging points. This would allow monetisation for domestic charge point owners and may be especially useful in London where space will inevitably be an issue for new charging locations.

Bonnet has already become involved with charging points in 1,400 locations spanning the UK, and expects to integrate with 70% of charge points by the end of 2021. With more charging points than petrol stations now in the UK, it is pivotal for platforms like Bonnet and others including Zap-Map to accelerate the electric vehicle charging game.

Patrick Reich, commenting on the funding said: “our goal is to take the anxiety out of charging electric vehicles and believe the process should be far more democratic and accessible…Bonnet can become the top resource for drivers looking for reliable real-time charge point data and simple EV payments.”