OAKLAND, Calif. – The electric vehicle market is growing rapidly. This growth presents a significant challenge: simplifying charging for fleets. Presto, an all-in-one EV charging platform, is tackling this challenge head-on. The company has announced a successful $15 million seed funding round. This investment, led by Union Square Ventures with participation from Congruent Ventures, Powerhouse Ventures, and Jetstream, will enable Presto to expand its services, integrate more chargers, and add new features to its platform.
Simplifying EV Charging for Major Fleets
Founded in 2023 by former Uber executives J.J. Raynor and Ashwin Dias, who previously launched Uber’s electrification program, Presto’s platform is already used by some of the largest electric fleets. These include industry giants like Uber, Avis, Hertz, and Zipcar. As EV sales continue their upward trajectory, Presto’s mission to simplify public charging becomes even more crucial for fleets.
Navigating a Complex Charging Landscape
Electric vehicle sales are rising. However, finding and accessing reliable public charging remains a significant barrier to wider EV adoption. Over 200,000 public charging stations exist, but they are operated by more than 50 different companies. Each company uses its own software, mobile apps, and charging hardware. Navigating this diverse and fragmented ecosystem presents a considerable challenge for fleets and their drivers.
Presto’s Unified Charging Solution
Presto simplifies this complex charging landscape. Its platform allows fleets to seamlessly find charging stations, initiate charging sessions, and pay for charging across thousands of stations. This is all done through a single, easy-to-use app or API. Presto’s machine-learning recommendation engine intelligently recommends chargers to fleets. This engine uses real-time information, including charger availability, reliability, and pricing, to optimize the charging experience.
“Presto addresses a critical gap in the EV ecosystem,” says J.J. Raynor, co-founder and CFO of Presto. “It provides a unified and effortless charging experience, enabling fleets and drivers to charge across networks. This new funding allows us to scale our efforts to support even more fleets and charging partners.“
Success with Large Fleets and Their Drivers
Large fleets have seen immediate benefits using Presto. Car rental companies, including Avis, Hertz, and Zipcar, provide the Presto app to their customers when they rent an EV. This makes it significantly easier for them to find and pay for charging during their rental period. Uber drivers, who are rapidly switching to electric vehicles, gain access to special pricing with EVgo through Presto. They can also charge across a wide range of networks via the Presto app, giving them more flexibility and convenience.
Uber highlighted Presto’s customer-centric approach, praising features like price discovery and the intelligent recommendation engine. Zipcar emphasized the importance of easily accessible EV charging for a smooth member experience and to further drive sustainable transportation. They rely on Presto to help maintain their electric vehicle fleets in select cities.
Benefits for Charging Partners and Network Utilization
Presto also offers significant benefits to its charging partners. It helps them onboard new fleet customers efficiently, grow charger utilization, and improve their overall charging economics. EVgo noted that Presto has simplified the process of onboarding new fleet customers, and they have seen that fleet usage has been an important driver of their rising network utilization.
Investment for Future Growth and Platform Enhancements
Union Square Ventures led the investment in Presto, recognizing the company’s potential to transform the EV charging landscape. They expressed confidence in Presto’s vision to create a unified platform that transforms EV charging into a seamless and even magical experience. The $15 million in new funding will allow Presto to scale its operations, continue investing in its technology, and support even more fleets and charging partners as they transition to electric vehicles. The company plans to use the funds to onboard new fleets, integrate with a wider range of chargers, and add new features to its platform to further enhance the charging experience for both fleets and charging providers.
Source: Presto Press Release
