Rightcharge

Idea

Introduction

We live on a planet where 18% of Greenhouse Gas Emissions come from the cars we drive and the way we heat and power our homes.

Our mission is to help every household go green. We want to make it as easy as possible for homeowners to install EV chargers, solar panels, batteries and heat pumps.

First, we're starting with EV charging.

Based on our research, 59% of drivers find setting up to charge at home ‘overwhelming’. Understanding which charger to buy, finding a trusted installer and knowing which energy tariff to switch to is very difficult.

Rightcharge was built to unite this fragmented sector into a simple, two-sided platform. We recommend a charger, match the driver to a trusted pro for a prompt installation, and help them cut their energy bills by switching to the right tariff.

The Rightcharge platform model is powered by a network of over 100 trusted installation companies and has proven a success. We plan to evolve to help homeowners with solar, batteries and heat pumps in the near-future.

Substantial accomplishments to date

Loved by our customers

We set out to deliver an amazing customer experience to drivers who want to install a charge point at their home. What better way to do that, we thought, than by building a technology platform that aggregates a huge network of trusted installation companies across the UK.

And it's working! We've supported over 30,000 drivers and Rightcharge is rated 4.7/5.0 on TrustPilot; 91% of reviews are a solid 5 out 5.

Of all our achievements, this is the one we're most proud of.

Backed by industry-leading investors

We're already backed by amazing investors like Link Capital (clean energy venture capital firm), Julia Stent (ex-Uswitch Commercial Director), James Hind (Founder of carwow) and Henry de Zoete (Founder of LookAfterMyBills and sold to GoCompare).

Partnered with leading car retailers

Through our automotive partnerships, Rightcharge has grown. We've shown we're able to win partnerships with some of the biggest car retailers out there including including one of the UK’s largest dealership groups, Lookers.

Strong revenue growth to date

We've been in business for 3 years. Revenues jumped by 103% from Year 1 to Year 2 and then by 186% from Year 2 to Year 3. Our plan is to expand our family of partners to keep our revenues growing.

And lastly, one fresh off the press

In November 2022, we were picked as one of the 10 Smart City startups to watch, according to VCs.

Monetisation strategy

The way we generate revenue is pretty simple.

We earn commission from our charge point installation partners each time they install a charge point through Rightcharge. It works much like other platforms that connect consumers with suppliers.

We grow this revenue stream by signing new deals with automotive partners who refer their EV customers to Rightcharge. Our revenues then grow as their EV sales grow.

Next year, we plan to evolve our platform to help drivers who'd like to install solar panels and battery storage systems in their homes. We calculate that these services could generate 4-to-7 times more commission per install than home charge points.

Use of proceeds

With the proceeds from this round, we intend to focus on growing revenues through new and existing partnerships, as well as build towards a larger Series A fundraising.

To do this, we will need to invest in our:

· Team to build relationships with new partners and deepen the relationship with existing ones

· Product development to expand into new products and services

· Marketing to promote the Rightcharge brand to the automotive industry