Verdane invests in EVA Global

Verdane has now announced three investments from Verdane Idun I; the fund held a final close in December 2021 on EUR 300m. It makes impact growth investments with an equity ticket sweet spot of EUR 10m-15m and expects to make 20-25 deals in total.

Following Verdane's investment, EVA intends to focus on organic growth and product development, including further expansion to the US and Asia, according to a statement.

Verdane's previous e-mobility investments include pay-by-phone parking service EasyPark, which the GP sold to Vitruvian Partners in December 2017, and automotive software Movimento, which the GP acquired via Verdane Capital VII's portfolio acquisition of Eqvitec Technology Fund III.

Companies involved with electric vehicle charging infrastructure have been of interest to VCs backing the transition to e-mobility, as well as to corporates on exit. Shell acquired VC-backed charging infrastructure business Ubitricity in January 2021, as reported, with Shell stating that the acquisition was part of its goal to become a net-zero emissions business by 2050.

Company
EVA Global provides electrical vehicle charging services, including live monitoring of charging infrastructure and uptime assurance for businesses, including network owners and charge point operators. EVA Global provides services in 32 countries in Europe, Asia and the US, assisting 100,000 drivers per year and offering its services in 27 languages. Its clients include Digital Charging Solutions, Greenflux, Ionity, Renault and Zap-Map.

The company is headquartered in Tampere in Finland and has offices in Germany, the Netherlands and Spain. Its recurring revenues grew sixfold during 2021, according to a statement, and it employs 150 staff.

People
Verdane – Reed Snyder (investment director).
EVA Global – Niina Suuriniemi Hopper (CEO, co-founder); Donald Hopper (co-founder).

Advisers
Equity – Krogerus (legal).

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• Topics
• Expansion
• Nordics
• Industrials
• Finland
• Verdane Capital Partners
• Impact