Cariqa, a startup set to transform the electric vehicle (EV) charging landscape, announced the close of its €1 million pre-seed funding round. The round included participation from a range of investors from US, Europe and Asia such as Anthemis (Female Innovator Lab), Vento Ventures, Hatcher+, Techstars, Golden Egg Check and Plug and Play. The funding will be used to develop the world’s first consumer-facing EV charging marketplace and initiate Cariqa’s rollout across Europe.
Cariqa addresses EV charging market inefficiencies by eliminating unclear pricing for EV drivers and enhancing price control for charge point operators (CPOs). Currently, CPOs face low utilization rates of as low as 3%, making it difficult to justify high installation and maintenance costs. To attract users, CPOs often sell energy at discounts to intermediaries known as e-mobility service providers (EMSPs), sacrificing margins and limiting their ability to adjust prices dynamically. This results in higher costs for EV drivers. By directly connecting CPOs with drivers, Cariqa offers affordable, transparent pricing and empowers CPOs to improve utilization and control their prices.
“Our mission is to contribute to the transition to sustainable mobility by creating a fairer and more efficient charging market. We aim to help charge point operators maximize their utilization rates and revenues while ensuring drivers pay a fair and transparent price,” said Issam Tidjani, CEO of Cariqa.
Cariqa launched the marketplace this month (September 2024) and already has partnered with CPOs across Europe. With access to over 420,000 charging stations across 30 European countries, coupled with valuable features such as optimal charge point discovery, EV routing and the possibility to connect the EV for more detailed consumption models and alerts, Cariqa ensures a seamless charging experience for EV drivers and a route to improved profitability for CPOs.
“Cariqa’s exceptional team, powerful mission, and bold vision are exactly what we seek at Techstars. It’s been a privilege working with Issam, Stefano, Tamara and Mario, and I’m excited about Cariqa’s next chapter,” expressed Tim Grace, Managing Director at Techstars Columbus Powered by The Ohio State University.
“The EV charging market has reached a point of maturity that friction can be reduced and the relevance of energy service providers has diminished in many markets as EV drivers are demanding more price transparency and charging optionality. We’re excited that Cariqa is empowering the EV driver to directly transact with Charge Point Operators (CPOs) via its charging marketplace all the while helping CPOs to expand their margins and increase utilization all over Europe,” commented Jeremy Brown, Principal at Anthemis.
“At Plug and Play, we are thrilled to be part of Cariqa’s journey as they revolutionize the EV ecosystem. By simplifying the experience for both EV drivers and Charge Point Operators, Cariqa is paving the way toward a more sustainable future,” added Alireza Masrour, General Partner at Plug and Play.
