Electric vehicle tech start-up secures investment at £2m valuation

Sheffield-based electric vehicle (EV) tech start-up Mina has secured significant seed investment during the lockdown period supported by investment non-profit NorthInvest, valuing the business at £2m.

Private angel investors from a range of backgrounds including Energy, EV Charging and Vehicle Lease sectors contributed to the round led by NorthInvest Angel investor Gary Shuckford and supported by Stuart Brown at NorthInvest and Mick Morris at equity finance advisory firm, Compellor.

Mina’s EV charging software makes managing electric fleet vehicles simple, and the company is already supporting a number of EV fleets across the UK.

Shuckford said: “Mina shows great potential, it has a strong team uniquely positioned to fill a real need in the market.

“I’m proud to back such an ambitious team which will support the seamless transition to electric vehicles and a more sustainable future.”

This latest investment round will enable Mina to further capitalise on its position as a leader in the EV charging industry in the UK and will support the start-up’s ambitious growth plans.

These include moving to new premises in the Kelham Island area of Sheffield, and the recruitment of development and operational staff to further scale the business.

Formed in December 2019, founders Ashley Tate, formerly founder of utilities management service Split the Bills, and Chris Dalrymple, former product director at On the Beach, bring a wealth of experience from successful northern businesses.

They were joined in July by CTO Andrew Gunn, who was previously head of build at Sheffield agency Razor.

Dalrymple said: “We’re delighted to have secured such a strong vote of confidence from this experienced team of investors.

“Our new Angels bring with them knowledge and contacts across a range of relevant industries, putting us in a very strong position to build on the amazing work the Mina team have delivered so far. We’re incredibly excited about the future.”