What does Plug do?
Plug is an online auction platform that facilitates the wholesale buying and selling of used electric vehicles among a network of over 400 franchised and independent dealers, as well as commercial consignors.
How much did they raise?
The company raised $6.7M in Seed funding, led by Floodgate, Autotech Ventures, and A*, with participation from Leap Forward Ventures, Renn Global, Cleo Capital, Toba Capital, ODF, and angel investors including Simon Rothman, John Kett, and Yossi Levi.
What are their plans for the money?
With the new funds, Plug plans to expand its operations and invest further in the development of its technology, which could significantly enhance the efficiency and reach of its EV auction platform.
What have they achieved so far?
Led by CEO and Founder Jimmy Douglas, Plug has already built a strong network of over 400 franchised and independent dealers and commercial consignors, establishing itself as a key player in the EV secondary market.
