Plug Raises $20 Million Series A to Scale EV-First Marketplace as Used EV Market Expands

Funding led by Lightspeed follows $60 million in EV sales since launch

SANTA MONICA, Calif., Feb. 2, 2026 /PRNewswire/ -- Plug, the marketplace built for buying and selling electric vehicles, today announced $20 million in Series A funding led by Lightspeed with participation from Galvanize and existing investors Autotech Ventures, Leap Forward Ventures and Renn Global. 

Plug is emerging as a core infrastructure layer for the rapidly expanding used EV market. Since its 2024 launch, the marketplace has facilitated more than $60 million in used EV sales, and in Q4 2025, the company sold more electric vehicles than it did during all of 2024.

This acceleration is fueled by a significant supply shift. More than 1.1 million EV lease returns, valued at an estimated $30B, are expected to enter the U.S. market over the next three years. As a result, dealers and commercial sellers need faster, more accurate and more predictable ways to process EV inventory, which is fundamentally different than internal combustion engine vehicles.

"The used EV wave isn't coming, it's here and building fast," said Jimmy Douglas, founder and CEO of Plug. "Dealers are staring at a massive flux of off-lease EVs that could become their next major profit center. But you can't manage EV valuations with petroleum-fueled vehicle assumptions. This is where Plug comes in."

Built for EV transactions, not retrofitted for them

The Plug marketplace was built specifically for EV transactions. The platform provides: wholesale valuations based on its proprietary insights, real-time market and pricing signals, battery health intelligence and VIN-level vehicle data. 

As a result, most listings receive market-rate offers within 24 hours. This sales velocity enables the 600+ dealers and commercial consignors active on the marketplace to transact quickly and with confidence, while managing residual risk as EV volumes rise.

"The growth of the used EV market is driving a fundamental shift in how vehicles are valued and transacted," said Justin Overdorff, Partner at Lightspeed. "Plug recognized early that electric vehicles require a fundamentally different approach and built a business around this need. With disciplined execution, EV-native data and an active marketplace, the company is well positioned to support dealers and commercial partners as EV volumes continue to rise."

Leadership and board expansion

To further support its next phase of growth, Plug has expanded its leadership team and board. 

• Overdorff has been appointed to the board of directors, bringing deep marketplace and fintech experience with a track record of scaling platform businesses and supporting category-defining companies. 
• Kat Zhang, a partner at Lightspeed who works closely with the firm's early-stage fintech founders, has also joined as a board observer.
• Andrew Maddox has joined Plug as head of finance, overseeing financial operations as the company scales, bringing experience from beatBread and TikTok. 
• Alexandra Yorke has joined the company as head of marketing, where she leads brand, positioning, and go-to-market strategy. She previously led marketing and growth initiatives at the dealer platform Signal Technologies.

The new capital will be used to exponentially grow Plug's supply pipelines, develop more proprietary technology to evaluate EVs condition and capability and expand go-to-market capacity across wholesale and retail channels.

About Plug

Plug is the marketplace built for buying and selling electric vehicles. Through an EV-specific platform, Plug connects buyers and sellers across consumers, dealers, and commercial partners, supporting wholesale and retail transactions. Built for EVs, Plug uses real-time vehicle data and rapid inventory velocity to bring clarity, speed, and confidence to how electric vehicles move through the market. Learn more at www.plugmotors.com.

SOURCE Plug