RICHMOND, British Columbia--(BUSINESS WIRE)--Plugzio, the premier end-to-end technology for scaling electric vehicle (EV) charging at multifamily properties, announced the close of its seed round led by RET Ventures (‘RET’) — a leading, industry-backed venture fund focused on single family rental and multifamily real estate technologies.
This investment in Plugzio is the culmination of RET’s comprehensive evaluation of the EV charging space. In December 2021, RET launched a working group including over a dozen multifamily experts to explore EV charging technologies for multifamily properties. The group determined a focus on Level 1 (L1) charging with Level 2 (L2) support was the most suitable pathway to wide EV adoption for the multifamily industry, based on convenience, reliability, and affordability for both landlords and residents.
“Compared to L2 products that typically burden users with limited charger availability, peak charging rates, and idle fees for prolonged use, L1 and 1B (240V/20A) charging is the most suitable solution for owners,” said LCOR Chief Technology Officer Brian Bozeman, who participated in the working group.
With the goal of finding an L1 provider, RET’s working group launched an RFP to identify the best solution. After assessing more than 20 platforms, the working group decided on Plugzio, an ideal end-to-end solution that provides both L1 and L2 hardware options with a hardware-agnostic, cloud-based charger management system that integrates with established L2 providers.
“With Plugzio, residents can take advantage of off-peak rates with a guaranteed overnight charge in their dedicated spot, all while they sleep,” said RET Vice President Jameson Hartman, who led the working group. “If they need more power, Plugzio can provide L2 options or integrate with L2 chargers already at multifamily properties.”
Mohammad Akhlaghi, founder and CEO of Plugzio, added: “In today’s world, landlords must look at EV charging less as a luxury offering and more as a baseline amenity that residents will increasingly come to expect. Despite the development of more high-powered chargers, studies have shown that using an affordable L1/1B charger overnight is more than adequate for end-users and is more convenient and cost-friendly.”
Co-founded by Akhlaghi in 2018, Plugzio was created with the vision to simplify EV charging for every stakeholder and developed with an eye toward scalability, superior economics, and operational ease. Landlords can centrally manage all of their chargers with custom charging plans and access rights for residents and non-residents. All of this charging data is aggregated under a central dashboard for easy monitoring and analysis. The platform is also configured to streamline EV charging regardless of property type or charger type— while Plugzio offers an ideal solution for L1-focused multifamily properties, it also supports L2-heavy commercial and retail deployments with its best-in-class software and integrations.
Notably, lifetime costs for Plugzio’s L1/1B chargers are 80% lower than other EV charging options — a Plugzio device can be installed for under $500 and maintained by onsite staff without the need for a certified technician — which enables property owners to quickly and easily scale this solution. Plugzio also provides owners with a project management portal that gives real-time visibility into the entire process from site analysis through installation.
“EV charging today is similar to laundry decades ago,” said Shawn Mahoney, Senior Advisor at RET Ventures. “Residents do not want to pay more for a shared EV charger, just like they do not want to go to a laundromat, and Plugzio solves this issue.”
Since its launch four years ago, Plugzio has rapidly established itself as one of the leading EV solutions for the multifamily space, with more than 1,000 units deployed throughout North America.
Plugzio is a charging platform that helps customers monitor, manage and monetize power at a micro-level. The Plugzio platform can be used to recoup the electricity cost consumed by EVs in shared spaces with benefits including scalability due to a small electrical footprint, extremely low upfront, and operational costs, and flexibility of the installations and use cases. Plugzio has installations in more than 20 cities around the world.
About RET Ventures
A leading real estate technology investment firm, RET Ventures is the first industry-backed, early-stage venture fund strategically focused on building cutting-edge "rent tech" — technology for multifamily and single-family rental real estate. RET invests out of core venture funds and a Housing Impact Fund, backing companies that address a range of pain points for real estate operators.
Through its deep expertise and connections, RET provides solutions to issues ranging from housing affordability and sustainability to risk management and operational efficiency.
The firm's Strategic Investors include some of the largest REITs and private real estate owner-operators and managers, who control over 2.5 million rental units worth over $600bn dollars.
For more information, please visit www.ret.vc