Zapmap plugs into more funding from major shareholder

Zapmap, the digital platform for electric vehicles, has plugged into further funding from its major shareholder Good Energy.

Bristol-based Zapmap has taken a further £1.85m as a secured loan, taking Good Energy’s total investment so far to £9.35m.

Zapmap is an online platform which provides drivers with a UK-wide map of electric car charging points and the ability to pay for charging. It says it has 850,000 registered users, a significant share of the growing EV market.

Good Energy, a renewable energy supplier based in Chippenham, owns 49.9% of Zapmap. The latest funding is an extension of its existing secured convertible loan note, which was created by a £1.7m investment in June.

Good Energy can convert the full £3.55m loan into equity at the earliest of three milestones – a sale of the business, subsequent funding rounds, or on or after 31 January 2027.