All Technology Relations for Better Place Raises $200 Million Series C Financing
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14. Nov 2011
Better Place Raises $200 Million Series C Financing
Part of focus:
Sustainable Transportation
With the launch of the first nationwide electric car networks in Israel and Denmark just months away, Better Place, announced that it has secured $200 million through a Series C equity financing from a consortium of top-tier investors and partners, nearly doubling the company’s valuation to $2.25 billion (post money valuation on a fully diluted basis) since the last financing in January 2010. Better Place delivers services to enable confident adoption and use of EVs.
Since its founding in 2007, Better Place has raised more than $750 million of equity financing globally in an economic climate where investors continue to seek a competitive alternative to oil.
Better Place to Expand in Western Europe
Better Place will use the proceeds to expand into Western Europe while it continues to advance the company’s deployment projects in Northern California, Southern China, Japan, Ontario, Canada, and Hawaii. The company will launch its initial commercial service in Israel and Denmark early next year and has already announced a series of consumer offerings for electric mobility services that are competitive with gasoline-based cars. Better Place will begin initial commercial service in the second quarter of 2012 in Australia, starting in Canberra.
“We’ve worked hard over the past four years to engineer and build a technology solution that competes with oil-based transportation,” said Shai Agassi, Founder and Chief Executive Officer, Better Place. “We are entering the next phase of growth for our company where we prove that our solution works, that it’s in demand, and that it scales, as we begin to push into new markets and attract new investors and new partners. I believe that our investors should be applauded for having the vision to finance the future of transportation.”
Source: Better Place