Startup Revel EV Ridesharing in New York Looks to Raise $200 Million

Startup Revel EV Ridesharing in New York Looks to Raise $200 Million

As per individuals with cognizance of the situation, Revel, a Brooklyn-based business running a fast-charging station network and an electric vehicle ridesharing fleet, is attempting to secure $200 million in equity funding.

Some of the persons, who wished to remain anonymous due to the confidentiality of the discussions, stated that the company has started talking to possible investors about the fundraise. According to one of the people, the money raised would be utilized to increase the infrastructure for public electric vehicle charging in New York City and the San Francisco Bay Area. It was not possible to determine the company’s intended valuation right away.

An official from Revel declined to comment.

Because of New York’s Green Rides Initiative, which encourages Uber and Lyft drivers to use more electric vehicles, the company, which already has fast-charging stations in Brooklyn and Queens, has seen an increase in charging sessions, roughly tenfold, to over 400 per day since October, according to one of the people familiar with the situation. In addition, Revel has leases or letters of intent for more places in the Bay Area and New York, and plans to develop one more site in downtown Manhattan.

BlackRock Renewable Power, Toyota Ventures, Maniv Mobility, Goodyear Ventures, and Shell Ventures are just a few of the companies that now fund Revel, which is run by CEO Frank Reig.