GetCharged has built a network of electric charging, storage and service stations. The main focus is on the growth in micromobility, such as for e-scooters. Something else: you can invest in GetCharged. The reason is that the company has launched an equity crowdfunding campaign on StartEngine.com. The minimum investment is $104.71.
The inspiration for the company came from Andrew Fox. When he met with the CEO of Lime, he saw the huge potential of micromobility. And yes, Fox would invest in the company. But he thought that there would need to be a network of charging stations. However, his idea was more than just about providing energy. He wanted to develop a system that helped to preserve the infrastructure for sidewalks and pedestrian paths.
Fox quickly assembled an experienced team:
- Dan Waldman (chief operating officer): he is the co-founder of Waldman Seafood, which grew into $75 million in revenues.
- Quemuel Arroyo (global head of communication): he is an accessibility and mobility expert. Before coming on board GetCharged, he was the chief accessibility specialist at New York City Department of Transportation
- Mark Lojek (head of product): he spent nearly 25 years at Motorola.
How It Works
While e-scooters provide for convenience and affordability, they still lead to the cluttering of streets and sidewalks. Lack of adequate access to energy charging stations is another downside. Then there is the nagging issue of the short life span of e-scooters, in part because of insufficient maintenance.
Well, as for GetCharged, the goal has been to find ways to solve all these problems. That is, the company has built a sophisticated network, which has several types of charging stations to fit different locations. Here’s a look:
- Charging Smart-Hub: these are large centers that can charge more than 70 e-scooters at the same time.
- Charging Smart-Station: this is a smaller station, which may be on the sidewalk or street.
- Digital Smart-Parking: this is a scalable parking system.
All of these are built for rapid turnover. For example, if an e-scooter is damaged, it will be quickly dispatched to a warehouse for repairs.
And as for the go-to-market strategy, the company has emphasized Atlanta and Los Angeles. There are currently more than 6,000 locations in these areas. In fact, L.A. has a 100% utilization rate.
For the global market, GetCharged plans to employ a partnership strategy. To this end, the company has entered a deal with Paris to create as many as 900 stations by the end of this year.
Market Opportunity
Yes, when evaluating whether to invest in GetCharged, the market size is certainly critical. The good news is that the opportunity does look significant. According to the company’s own analysis, micromobility is expected to be worth up to $300 billion by 2030. Moreover, venture capitalists have invested $5.7 billion in the category during the past four years.
Keep in mind that 60% of vehicle trips are for about six miles or less. In other words, there appears to be a need for alternatives.
Then how does GetCharged make money? The business model is fairly straightforward. Note that the company has a usage model. Any time there’s a charge, there is a fee assessed.
The company also has plans to make money from other areas, such as selling data, providing diagnostics and charging for sponsorships.
Invest in GetCharged?
GetCharged has raised over $61,000 from more than 200 investors and the valuation is at $3.93 million. The investment also has various perks, which are based on the amount. For example, if you commit to $2,500, then you will get free charging for the whole year.
However, as is the case with any early-stage investment, there are considerable risks. No doubt, the company is likely to face more intense competition. Actually, GetCharged will definitely need to raise a substantial amount of money to get to critical mass.
So, before investing, it’s always advisable to do your own analysis and due diligence.
Tom Taulli (@ttaulli) is an advisor and author of various books and online courses about technology, including Artificial Intelligence Basics, The Robotic Process Automation Handbook and Learn Python Super Fast. He is also the founder of WebIPO, which was one of the first platforms for public offerings during the 1990s. As of this writing, he did not hold a position in any of the aforementioned securities.
