Bluedot secures $5M total in funding to drive sustainable EV adoption and further simplify the electric driving experience

SAN FRANCISCO, June 29, 2023 /PRNewswire/ -- Bluedot, a single payment platform in the electric vehicle (EV) ecosystem, has completed another successful funding round, raising $5 million to enhance and expand its app and card for EV drivers and charging management for fleets.

With new investments from industry leaders including Y Combinator, Leap Forward, Samsara Ventures, Operator Stack, LACI Impact Fund, Ford Driventure, ScaleX and angel investors from Plaid, Stripe, and Moonpay, Bluedot is poised to build on its pioneering efforts to drive EV adoption and support a sustainable future by making charging payments easier and streamlining expense management.

Bluedot's increasing momentum aligns with efforts across the country to accelerate the transition to electric, zero-emissions transportation. Currently, EVs account for 5% of new car sales in the United States, but the Biden administration has set a bold goal of increasing the EV market share to 50% by 2030. To encourage EV adoption, the federal government is investing in building 500,000 new public charging stations.

But charging remains a significant roadblock. Drivers often must manage multiple apps and cards for charging, impeding accessibility—especially for fleet drivers. Moreover, tracking charging behavior and expenses is difficult, leading to inefficiencies in overall operations. The issue is exacerbated by the complexities of reimbursement for charging expenses, particularly when home charging is involved.

Bluedot founders Ferhat Babacan and Selinay Parlak saw an opportunity to address the charging pain points faced by electric vehicle users and fleets. Their vision: to create a convenient fuel card platform, similar to Wex, but focused exclusively on EV driving and charging.

"From our experience installing charging stations and researching the EV user experience, we knew it was a hassle for individuals to use five different mobile apps for charging—or for fleet managers to use multiple dashboards and prepaid cards to handle fleet charging," said Babacan, Bluedot CEO. "So we set out to simplify the whole process."

With the recent investments, Bluedot plans to incorporate advanced features such as route optimization and home charging reimbursement into their mobile application and dashboard. These enhancements will improve the experiences of both fleets and drivers. Bluedot aims to play a pivotal role in increasing the utilization of EV charging networks and becoming a key player in this evolving landscape.

Working in close collaboration with Fleet Management Companies, OEMs, and rental companies, Bluedot plans to expand its portfolio to include new fleet verticals in the upcoming months. The company is also working to establish strategic partnerships to support EV access, simplify the individual and fleet experience and help further drive the industry forward.

Footer: Bluedot is not a bank. Banking services provided by Piermont Bank, Member FDIC. The Bluedot Visa Debit Card is issued by Piermont Bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.

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SOURCE Bluedot