WEX, a global commerce platform, has announced the establishment of its new investment arm, WEX Venture Capital, with an initial investment of up to $100 million by the end of 2025. The investment arm will focus on early-stage companies dedicated to advancing the energy transition, particularly in areas like fleet electrification, the electric vehicle (EV) charging ecosystem, energy management, optimization, and adjacent technology.
WEX Venture Capital’s investments will target companies working on critical back-end infrastructure necessary to facilitate widespread commercial adoption of EVs. As a trusted advisor to fleet mobility customers, WEX’s portfolio companies stand to benefit not only from the capital investment but also from potential commercial opportunities presented by WEX’s extensive global fleet customer base.
Jay Dearborn, Chief Strategy Officer at WEX, emphasized that the energy transition will transform how employees and goods are moved around the economy, and WEX Venture Capital positions the company to drive innovation both from within and in collaboration with external companies.
The move reflects WEX’s recognition of the importance of engaging with outside innovators and companies, complementing its traditional growth approach through M&A and internal development efforts. WEX Venture Capital will diversify the company’s long-term strategy by exploring new revenue models, providing visibility beyond the current product roadmap, and participating in the early-stage product innovation ecosystem, particularly as more fleet mobility customers transition from internal combustion engine vehicles to EVs.
Already, WEX Venture Capital has made minority investments in Chargetrip, a company focused on range prediction and EV routing, and ev.energy, which offers a managed charging software platform for EVs. The investments are seen as strategic moves to strengthen WEX’s position in the evolving fueling and charging ecosystem and to support its fleet mobility customers as they shift towards EVs.
The establishment of WEX Venture Capital comes at a crucial moment in the growth of EV adoption, and the company’s leading position in the fuel payments industry allows it to play a significant role in the electric mobility ecosystem by assisting various stakeholders in streamlining the future of EV charging and payments.
