# Plug

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/plug-2

- Industry: Internet
- Headquarters: Santa Monica, US
- Website: www.plugmotors.com
- Total disclosed funding: $27M
- Latest round: Series A (Feb 2, 2026)
- Investors on record: 9

## About

Plug Technologies Inc. is an innovative company that operates a wholesale auction platform for electric vehicles, streamlining the buying and selling process for dealers and commercial fleet sellers.Plug Technologies Inc. was founded in 2023 in Culver City, US, specializing in facilitating transactions for electric vehicles through a dedicated auction platform. In February 2026, Plug Technologies Inc. raised USD 20 million in series A funding led by investor Lightspeed Venture Partners, with participation from Galvanize Climate Solutions, Autotech Ventures, Leap Forward Ventures and Renn Global. The founder, whose information is currently not specified, has previously engaged in the electric vehicle industry, indicating a strong background relevant to the company's focus. The firm has completed a total of 1 deal with the most recent deal date marked on April 8, 2025.Plug Technologies Inc. specializes in providing a comprehensive wholesale auction platform specifically designed for electric vehicles (EVs). Their core offerings facilitate the buying and selling of used EVs, enabling transactions to be fast, transparent, and profitable for all parties involved. The platform evaluates each vehicle based on critical factors such as battery health, range, software-enabled features, and applicable tax credits, utilizing data from automaker APIs to ensure accuracy. Plug's services cater primarily to dealers and commercial fleet sellers, connecting them with a network of EV-focused buyers, thereby streamlining the process of moving used EV trade-ins. This innovative auction system is marketed primarily in regions with a burgeoning EV market, including North America and Western Europe, where demand for electric vehicles continues to rise.Plug Technologies Inc. generates revenue through its auction platform, where transactions occur between dealers and buyers of used EVs. Clients are able to list vehicles for sale, and within 24 hours, receive offers, complete title transfers, and process payments efficiently. The revenue model is supported by transaction fees associated with each sale, ensuring a steady income stream from the sales facilitated through its marketplace. The firm employs a B2B structure, focusing on partnerships with dealerships and commercial sellers. This model enables Plug to maintain a streamlined operation while providing tailored solutions that address the unique characteristics of the EV market, ensuring that both sellers and buyers have a seamless experience. The company will use the February 2026 funding to expand its offerings by increasing its supply pipeline and creating proprietary technology to evaluate electric vehicles.

## Funding rounds

- Series A, Feb 2, 2026, $20M — Lightspeed Venture Partners, Autotech Ventures, Renn Global, Galvanize Climate Solutions, Leap Forward Ventures
- Seed, Apr 8, 2025, $6.7M — Floodgate, Toba Capital, Autotech Ventures, Cleo Capital, A-Star Partners, Renn Global, Leap Forward Ventures

## Investors

- Floodgate (https://capitalatlas.ai/funds/floodgate) — Seed
- Toba Capital (https://capitalatlas.ai/funds/toba-capital) — Seed
- Autotech Ventures (https://capitalatlas.ai/funds/autotech-ventures) — Seed, Series A
- Cleo Capital (https://capitalatlas.ai/funds/cleo-capital) — Seed
- A-Star Partners (https://capitalatlas.ai/funds/a-star-partners) — Seed
- Renn Global (https://capitalatlas.ai/funds/renn-global) — Seed, Series A
- Leap Forward Ventures (https://capitalatlas.ai/funds/leap-forward-ventures) — Seed, Series A
- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Series A
- Galvanize Climate Solutions (https://capitalatlas.ai/funds/galvanize-climate-solutions) — Series A