London start-up ChargedUp has raised £2 million in a pre-Series A funding round for its mobile charging network.
The investment comes from M-Venture, the investment unit of Jagermeister as well as follow-on funding by JamJar Investments.
Users can rent and take with them a power bank to charge their devices, and return it at one of start-up’s growing number of London charging stations.
The funding will fuel growth in ChargedUp venues across the UK and will support the firm’s European expansion as well as expand its product range.
“We’re thrilled to be working with a partner like M-Venture as their investment will help us to supercharge our growth in the late night sector and ensure more people across Europe won’t get caught out when their phone battery is low,” said ChargedUp founder Hugo Tilmouth.
Since the app launch in August 2018, ChargedUp has grown to over 1,500 charging stations across the UK and Netherlands with approximately 250,000 app downloads, providing users with an hour of charge from just £1.
ChargedUp has grown quickly through partnerships with major retailers and pub operators such as M&S, Stonegate and Brewdog.
It also works with award-winning green energy supplier, Octopus Energy, which matches all the power used through the network worldwide with renewable energy directly into the grid.