# UgoWork

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ugowork

- Industry: Energy Storage & Batteries
- Headquarters: Quebec, Canada
- Website: www.ugowork.com
- Total disclosed funding: $74M
- Latest round: Series C (Jul 31, 2024)
- Investors on record: 5

## About

UgoWork, based in Canada, is a provider of energy management solutions and lithium-ion battery systems, primarily serving the material handling industry.Founded in 2015 in Quebec, Canada, UgoWork specializes in energy management solutions and innovative lithium-ion battery systems for the material handling sector. The company successfully raised USD 51.00 mn in Series C funding on July 31, 2024, led by Fonds de solidarité FTQ, with participation from Desjardins Capital, Export Development Canada, and Investissement Québec. This round brought the total amount raised by the company to USD 51.00 mn. The CEO, Philippe Beauchamp, leads the firm as it continues to evolve within the energy solutions market.UgoWork specializes in energy management solutions and innovative lithium-ion battery systems designed primarily for the material handling industry. Its offerings include high-performance lithium-ion batteries available in 24 V, 36 V, and 48 V, catering to Class I, II, and III industrial trucks. These products enhance operational efficiency by overcoming the limitations of traditional lead-acid batteries. UgoWork's solutions serve sectors such as food and beverage, manufacturing, transportation, and distribution. The company also features advanced energy management platforms, including the UgoPilot multi-voltage charging station, designed to support battery efficiency and equipment uptime, primarily marketed across North America.UgoWork generates revenue through a flexible consumption model, allowing clients to access its energy management solutions and lithium-ion battery systems on a pay-per-use basis. This structure ensures guaranteed uptime and fosters long-term partnerships, with transactions primarily conducted through B2B engagements. Clients subscribe to energy management services while purchasing tailored battery systems and charging stations. UgoWork's advanced lithium-ion batteries and efficient energy management platform are positioned to offer sustainable energy solutions that optimize fleet productivity.Following the recent Series C funding of USD 51.00 mn on July 31, 2024, UgoWork plans to enhance its software and hardware platforms. The company is currently focused on expanding its product line and is designing new solutions aimed at improving energy efficiency in material handling. Furthermore, UgoWork is targeting expansion into new geographic markets, with specific plans to penetrate additional regions within North America by the end of 2025.

## Funding rounds

- Series C, Jul 31, 2024, $51M — Export Development Canada, Investment Quebec, Desjardins Capital, Fonds de solidarite FTQ
- Series B, Nov 22, 2022, $23M — Export Development Canada, Fonds de Solidarité des Travailleurs du Québec, Investment Quebec, Desjardins Capital

## Investors

- Export Development Canada — Series B, Series C
- Fonds de Solidarité des Travailleurs du Québec — Series B
- Investment Quebec (https://capitalatlas.ai/funds/investment-quebec) — Series B, Series C
- Desjardins Capital (https://capitalatlas.ai/funds/desjardins-capital) — Series B, Series C
- Fonds de solidarite FTQ (https://capitalatlas.ai/funds/fonds-de-solidarite-ftq) — Series C