Sparkcharge Shark Tank Update || How Are They Doing Now?
SparkCharge, the innovative startup behind a super-fast mobile charging system for electric vehicles (EVs), made waves in Shark Tank Season 12 Episode 1. Chris Ellis and Josh Aviv, the company’s founders, dazzled the sharks with their innovative concept and attracted a sizable investment.
Since that time, SparkCharge has grown remarkably and become a major force in the electric car charging sector. Let’s explore SparkCharge’s path and its successes with Sparkcharge Shark Tank Update.
SparkCharge Shark Tank Profile
Let’s take a look at SparkCharge’s profile now;
| Name Of the Company | SparkCharge |
| Founded by | Christopher Ellis, Joshua Aviv, Richard Whitney |
| Founded in | 2017, Somerville, Massachusetts, USA |
| Product | Super-fast mobile charging system for EVs |
| Operating Status | Active |
| Deal on Shark Tank | $1 Million For 10% Equity + 4% Advisory Shares |
| Shark | Lori Greiner, Mark Cuban |
| Episode Aired on | S12 E1, Shark Tank USA |
| Website | https://www.sparkcharge.io/ |
| Headquarters | Somerville, Massachusetts, United States |
| Buy Product | Buy Now |
| Watch the Episode | Amazon Prime |
| Profitable or not? | Profitable |
| Contact Email | [email protected] |
About Sparkcharge
In 2017, Chris Ellis and Josh Aviv founded SparkCharge in Somerville, Massachusetts, with a vision to revolutionize electric vehicle charging. They created a lightning-fast portable charging device designed just for electric vehicles.
Users can simply and quickly charge their automobiles using SparkCharge’s charging device, which saves them time and effort. SparkCharge’s charging equipment is small and portable.
During their Shark Tank appearance, SparkCharge presented their product Roadie, which is a portable and modular charging unit for electric vehicles. The Roadie offers an easy solution to the spark charging infrastructure. Enabling EV owners to charge their cars whenever and wherever they choose.
What Happened To Sparkcharge After Shark Tank?
SparkCharge after Shark Tank has seen substantial development and success. Investors gave them a $1m investment because they saw the potential in their product and the rising need for EV charging solutions.
The Shark Tank Experience
The founders of SparkCharge asked for $1m for 6% stock in their business when they first appeared on the Shark Tank episode. The sharks got into a bidding war after seeing SparkCharge’s enormous potential.
Finally, a deal was reached between Mark Cuban and Lori Greiner. They offered $1m for 10% of the company’s ownership and an extra 4% in advisory stocks. This large investment propelled SparkCharge into a new growth stage.
Post-Shark Tank Success
Since being featured on Shark Tank, SparkCharge has made significant advancements. The $1 million investment gave the firm the funding it needed to grow and expand.
SparkCharge swiftly attracted customers and established profitable alliances. In places like Los Angeles, San Francisco, San Jose, and Dallas, they set up a mobile EV charging service, providing easy charging alternatives within a mile radius.
Sparkcharge’s Net Worth
Although SparkCharge’s exact net worth is not made public, its successful fundraising and ongoing development point to a bright financial future. The firm now has the resources to grow operations and further develop its goods thanks to Mark Cuban’s investment and subsequent collaborations.
Funding and Strategic Partnerships
SparkCharge teamed up with essential market companies to hasten their growth. Notably, the business collaborated with Allstate Insurance so that they could market Roadie, a portable charging service that users could access via a specific app.
Through this alliance, they were able to reach a wider audience and bolster their presence. Their presence includes locations like Los Angeles, San Francisco, San Diego, and Chicago.
Additionally, SparkCharge attracted substantial financing through several rounds, garnering $49.6 Million from 16 investors by July 2022. Leading investors saw the company’s potential and supported its rapid expansion.
Expanding Services and Product Launches
When it comes to SparkCharge update, it continually expanded its services and product offerings to meet the increasing demand for EV charging. They established their position in the market by forming partnerships with significant businesses including Ford, Kia, Uber, and Hertz.
In August last year, SparkCharge launched new products such as The Roadie Hybrid along with M-Caas. As a result, it had spread its services to more than 12 Californian cities.
Is Sparkcharge Profitable Now?
Sparkcharge has received funding through various rounds, including a later-stage VC funding round on May 30, 2023, where they raised $4.56 million. Although the information does not explicitly state whether SparkCharge is profitable or not, the fact that they have received multiple rounds of funding and are generating revenue suggests that they have a viable business model.
How Much Does the Service Cost You?
According to the information provided, SparkCharge’s charging service operated Currently offers tiered charging-on-demand plans in Los Angeles, San Francisco, San Jose, and Dallas. The pricing details are as follows:
- The standard Charge is $39.99 for a single 25 kWh charge
- Priority Charge is $75.00 for a single 25 kWh charge within 90 minutes
Users can request a specific number of miles to be added to their electric vehicle, up to a maximum of 70 miles or 80 percent battery state of charge, whichever comes first. It’s worth noting that if the vehicle is not available at the requested location at the appointed time, a cancellation fee of $10 applies.
Please note that the pricing and terms mentioned above are based on the information provided and may be subject to change. It’s always a good idea to verify the current pricing and terms directly from the company’s official website or by contacting them directly.
Partnerships and Expansion
Partnerships between SparkCharge and well-known organizations in the automotive and energy industries have been successful. To incorporate their portable charging solutions into the current infrastructure, they have worked with leading automakers, charging networks, and utility firms.
In addition, SparkCharge now offers more products than only the Roadie. To meet different client demands, they have added more charging accessories and items. They have been able to tap into several market sectors thanks to their diversification and further solidify their position in the EV charging sector.
If you’re interested in more Shark Tank updates, be sure to check out our articles on Bambooee and Scholly. Our Bambooee Shark Tank update features the eco-friendly and reusable bamboo paper towels that made a splash in the Tank. Additionally, our Scholly Shark Tank update showcases the innovative scholarship search platform that gained the support of the Sharks. Explore the stories of these entrepreneurs and their experiences on Shark Tank.Conclusion
SparkCharge’s appearance on Shark Tank proved to be a significant turning point for their business. The firm has advanced thanks to subsequent investment, strategic alliances, and exceptional sales growth.
Overall, SparkCharge is a key player in determining the direction of the future of the infrastructure for charging EVs. They are continuously working to develop and broaden their product offerings. So hope you got all your answers on Sparkcharge on Shark Tank or not and their long journey to this day.
