Spring Free EV
Accelerating the adoption of EVs through fintech products
- 21-100 employees
- Fintech
- B2B
- Sustainability
- Electric Vehicles
- SoMa, San Francisco, CA
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Company mission
To reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone.
Our take
Spring Free EV is a financial technology company accelerating the adoption of electric vehicles (EVs) through the use of fintech products. With its first product, the Mileage Purchase Agreement (MPA), Spring Free EV is making electric vehicles more affordable and easier for fleet managers to obtain.
While there has been a recent influx in newcomers to the EV space, Spring Free EV already operates on a national scale and was the first of its kind to tap into the multi-billion-dollar market of over 200,000 small and medium-sized commercial fleets across the country that are looking to switch to EVs.
The company plans to double the number of EVs is has already put on the road by the end of 2023, with further plans to scale that number to tens of thousands of vehicles on the road by 2025.
Kirsty
Company Specialist at Welcome to the Jungle
Funding (1 round)
Apr 2023
$24.8m
SERIES A
Total funding: $24.8m
Leadership
Sunil Paul
(CEO & Co-Founder)Co-founder of the ridesharing company, Sidecar and incubated the car-sharing innovator, Getaround. Also served on the Board of Directors at Zynga.
Tenni Theurer
(CPO & Co-Founder)Former GM/VP of Product at Yahoo and also served in Senior Leadership roles at Visa, IBM, and Qualcom.
Martin L. Lagod
(Co-Founder)Co-founder of the venture capital, Firelake and the investment firm, Resourcient.
Visrin Vichit-Vadakan
(Co-Founder)Previously served in leadership roles at Tesla, Sunbanc, Sunrun, and Ramboli.