What Happened To SparkCharge After Shark Tank?

Launched in 2017 in Somerville, Massachusetts, SparkCharge is an ultra-fast portable charging unit designed exclusively for electric vehicles (EVs). The development of this product took a considerable amount of time, but it has been well-received since its launch.

This startup provides mobile EV charging services in several cities across the United States, including Los Angeles, San Francisco, San Jose, and Dallas.

Their mobile charging units operate within a one-mile radius of service areas, and they have developed an app to help customers locate the nearest mobile charging unit. Through this app, clients can easily find the location of the SparkCharge service center.

SparkCharge’s portable EV charging units offer rapid charging capabilities. So far, they have successfully delivered 1,500 charging sessions to electric vehicle owners.

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Who Is The Founder Of SparkCharge?

SparkCharge was founded in 2017 by co-founders Chris Ellis and Joshua Aviv. Aviv serves as the CEO and is also a data scientist. He worked at several technology startups over the years, which inspired him to create this startup.

Christopher Ellis is the co-founder and CTO of the company, holding a degree in Electrical Engineering and possessing extensive knowledge of battery management systems.

Joshua Aviv developed the concept for SparkCharge during his college years. He conducted thorough research to explore the potential features and scope of the startup before its launch.

Did SparkCharge Get a Deal on Shark Tank?

Chris Ellis and Josh Aviv, the founders of SparkCharge, made an impressive pitch on Shark Tank. Recognizing the potential for their product, they sought $1 million in exchange for 6% equity in the company.

This revolutionary startup garnered interest from Sharks Mark Cuban and Lori Greiner. Ultimately, they decided to invest $1 million for 10% equity, requesting an additional 4% in advisory shares.

What Happened To SparkCharge After Shark Tank?

Since its appearance on Shark Tank, SparkCharge has experienced significant growth. The startup secured $1 million in funding, which is essential for its further development and survival.

As the demand for electric vehicles continues to rise, the need for charging solutions has also increased. With the investment from Shark Tank, SparkCharge is expanding its manufacturing capabilities and enhancing its marketing efforts. Following their pitch, they received numerous inquiries from potential distributors across the United States, and many clients have signed up for their services.

SparkCharge has formed a partnership with Allstate Insurance to promote Roadie, its mobile charging service, which can be ordered and paid for via a new app. The service rollout has begun in cities like Chicago, Los Angeles, San Francisco, and San Diego.

By July 2022, SparkCharge had raised a total of $49.6 million from 16 investors across eight funding rounds, including five lead investors. Notably, on November 17, 2021, the company raised $21 million in a venture round. On June 20, 2022, they secured an additional $100,000 from LG Nova.

On May 24, 2022, SparkCharge raised $23 million in a Series A round from seven investors, led by Pendulum Holdings and Tale Venture Partners. By that time, they had provided services to 13,000 customers worldwide.

Currently, SparkCharge offers Wave Charging, with partnerships established with Hertz, Uber, Kia, and Ford. In June 2022, they raised another $100,000 from LG Nova and announced plans to deliver free EV charging through their app on July 6, 2022.

By August 2022, SparkCharge expanded its services to over 12 cities in California and launched two new products: The Roadie Hybrid and M-CaaS (Mobile Charging as a Service). On December 2, 2022, they raised $29 million in their Series B round, with The Mark Cuban Company among the investors.

On January 5, 2023, SparkCharge showcased its latest products at the CASE 2023 tech event. As of January 2023, the company plans to cover the remaining cities in the United States. Aviv informed CNBC that SparkCharge has raised a total of $110 million in investments to date.

SparkCharge has become a standout company from Shark Tank, achieving a valuation in the millions. While the deal with Lori Greiner has closed, Mark Cuban remains involved as he joined the company’s board of directors in March 2021.

Initially launching EV charging in Chicago, Los Angeles, San Francisco, and San Diego, SparkCharge expanded its services to 12 cities in California by August 2022. In July 2021, the company formed an urgently partnership with a roadside assistance provider. By November 2021, SparkCharge generated $5 million in annual revenue.

What Is The SparkCharge Net Worth?

Regarding SparkCharge’s net worth, a CNBC report from December 2022 stated that the company’s current valuation had reached $110 million. Following its funding from Shark Tank, the startup was initially valued at $7.1 million.

SparkCharge is currently experiencing substantial growth and is poised for significant success in the future. However, specific information about the net worth of co-founders Chris Ellis and Josh Aviv is not publicly available.

The demand for electric vehicles (EVs) is increasing rapidly, projected to reach $350 billion by 2023. The electric vehicle market is substantial, making charging infrastructure essential.

As of January 2023, SparkCharge’s estimated worth is approximately $186 million.

Yes, SparkCharge is still in business as of January 2023.