At a Glance
UpCharge is a power bank sharing service that allows users to easily access portable charging devices when and where they need them, including cafes, bars, co-working spaces, and transportation hubs.
Traction and Ask
With €16k net revenues in 2022, 10k+ users, and 300+ signed venues (e.g. Scandic Hotels, Night People Group, and others), and a €2M pre-money valuation, UpCharge is looking to raise €400k pre-seed funding. In addition, it would be good if the investor had international growth and sharing economy expertise. The investment is needed to:
- Invest in stations to increase coverage in Finland and move to fully marketable product;
- Reach €2,5M+ net revenues with gross margin of over 40% by Q4 2024.
Market, Business Model, Financials and Team
With the global power bank sharing market worth €30Bn by 2026, UpCharge was founded in 2020 in Helsinki, Finland. UpCharge is monetizing through a B2C and B2B business model charging for the use of their power banks. Revenue growth is projected to reach €2,5M by Q4 2024 (breakeven in Q2 2024). UpCharge’s team of 9 includes 3 co-founders, 2 advisers and 4 franchisees from different countries with backgrounds in technology, consulting and service sectors.
Our competitive edge over other power bank sharing companies: proprietary software, in-house development team, ad displays, POS system, and franchise-based expansion plan allow us to quickly capture markets and outpace competitors in the growing power bank sharing industry.
We aim to close this pre-seed round by 30 June 2023 with a €20k minimum investment ticket size.
UpCharge has previously invested €30k of its own capital and raised €30k in loans from the founders to purchase the current station fleet. The goal of this founding round is to capture the home market in Finland, and prepare the company for full global expansion.
Get in Touch
Tim Borovkov (Co-Founder) and the other founders are speaking with potential investors over the next few weeks and are keen to pitch, demo and open up their traction and financial plans in detail.
Get in touch with us to find out more.