I raised $15 million without VC in one of tech’s most capital-intensive sectors. Here’s what I learned
The mobility industry has faced challenges as EV adoption slowed and funding models shifted. The founder of Zevo raised $15 million from private capital, emphasizing the importance of proving economics over narratives. This experience highlighted the need for discipline in the sector and the potential of private investors outside traditional venture hubs.
- ▪The mobility industry initially assumed that EV adoption was inevitable, leading to significant investments based on that belief.
- ▪Zevo, a peer-to-peer EV platform, raised nearly $15 million from high-net-worth individuals instead of institutional investors.
- ▪The founder emphasized the importance of focusing on practical consumer needs and the economics of EV ownership rather than just sustainability messaging.
Opening excerpt (first ~120 words) tap to expand
Over the last few years, the mobility industry convinced itself that EV adoption was inevitable.Recommended Video Billions of dollars poured into companies built around that assumption. Automakers rushed to electrify lineups. Investors chased growth projections that assumed consumers would naturally transition from gas-powered vehicles to EV ownership. Founders sold a story that the future was obviously and inevitably electric. Then EV incentives disappeared, demand slowed and some of the industry’s biggest bets started collapsing under their own weight. None of that surprised me. I founded Zevo, a peer-to-peer EV platform, in 2022.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
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