Bluedot, a single payment platform in the electric vehicle (EV) ecosystem, has successfully raised $5 million in funding to enhance its app and card for EV drivers and charging management for fleets. The funding round attracted investments from industry leaders including Y Combinator, Leap Forward, Samsara Ventures, Operator Stack, LACI Impact Fund, Ford Driventure, ScaleX, and angel investors from Plaid, Stripe, and Moonpay. The additional funding will enable Bluedot to further drive EV adoption and support a sustainable future by making charging payments easier and streamlining expense management.
Bluedot’s efforts align with the nationwide push to accelerate the transition to electric, zero-emissions transportation. While EVs currently represent 5% of new car sales in the United States, the Biden administration aims to increase the EV market share to 50% by 2030. To facilitate EV adoption, the federal government is investing in the construction of 500,000 new public charging stations.
However, charging remains a significant obstacle. EV drivers often have to manage multiple apps and cards for charging, hindering accessibility, particularly for fleet drivers. Additionally, tracking charging behavior and expenses is challenging, leading to operational inefficiencies. Reimbursement for charging expenses, especially for home charging, adds to the complexity.
Bluedot’s founders, Ferhat Babacan and Selinay Parlak, recognized the pain points faced by EV users and fleets and envisioned a solution. Their goal was to create a convenient fuel card platform, similar to Wex, exclusively tailored to EV driving and charging.
“We knew it was a hassle for individuals to use five different mobile apps for charging—or for fleet managers to use multiple dashboards and prepaid cards to handle fleet charging,” said Babacan, Bluedot CEO. “So we set out to simplify the whole process.”
With the recent funding, Bluedot plans to incorporate advanced features such as route optimization and home charging reimbursement into its mobile application and dashboard. These enhancements will improve the experiences of both fleets and drivers. Bluedot aims to play a significant role in increasing the utilization of EV charging networks and become a key player in the evolving EV landscape.
Collaborating closely with Fleet Management Companies, OEMs, and rental companies, Bluedot intends to expand its portfolio to include new fleet verticals in the coming months. The company is also forging strategic partnerships to support EV access, streamline individual and fleet experiences, and contribute to driving the industry forward.