SparkCharge Net Worth 2022
SparkCharge saw their business skyrocket following their appearance on Shark Tank. Their goal is to make electric vehicle ownership simpler and more accessible to everyday people by forging partnerships with other businesses and creating reliable products that people can rely on.
Joshua Aviv and Chris Ellis co-founded SparkCharge in 2017 – both possessing MBAs as well as degrees in data science. Additionally, Ellis boasts extensive engineering expertise with battery management systems – an attribute which makes him especially effective at his role as CTO of SparkCharge.
They’re currently focused on expanding their on-demand charging service and plan to partner with roadside assistance services and other companies that help people manage EVs. In addition, the two are developing mobile EV charging units which can be shipped anywhere.
Range anxiety and charging station availability remain among the primary concerns for potential EV buyers, but if SparkCharge maintains its current rate of growth and innovation, these obstacles should soon be overcome and adoption rates increased accordingly.
Aviv and Ellis are involved with multiple initiatives aimed at aiding electric vehicle (EV) owners, with one particularly exciting device being their portable charger Roadie. This device can completely charge an EV in just 10 minutes compared to plugging directly into an outlet – an impressive speed advantage over conventional methods of charging an EV’s battery.
After seeing great success with their first product, Roadie, its founders decided to present it on Shark Tank for consideration of investment by Mark Cuban and Lori Greiner; in exchange they received an offer of $1 Million investment for 10% ownership plus 4% advisory shares which was accepted shortly after airing of their episode. The deal soon closed.
Since then, the company has raised a total of $23 million from investors – its Series A round led by Pendulum and Tale Venture Partners with investment from Revolution’s Rise of the Rest Seed Fund, Cleveland Avenue, M&T Bank, PEAK6 Strategic Capital and Silicon Valley Bank among others. Furthermore, Pusha T and Summer Watson made investment decisions.
The company is headquartered in Somerville, Massachusetts but maintains manufacturing facilities and labs in Buffalo and Boston. Their latest product, Roadie 2.0, allows consumers to charge an EV within five minutes or less making it more appealing for them; production will begin later this year of an even larger and more powerful version of their current model.
SparkCharge has experienced rapid expansion, and their net worth should continue to increase as they enter into their next stage of expansion. If their current rate of expansion continues, SparkCharge could reach worth more than $90 million over time. They plan on expanding into other markets and creating various EV charging solutions; additionally they would like to establish an on-demand charging station network across the United States.