Envoy Technologies Inc., a Culver City company that operates electric car sharing services for apartment buildings, hotels and offices, announced Nov. 11 that it had raised $11 million in Series A funding.
The funding round was led by Shell Ventures and Building Ventures. Envoy also announced $70 million in debt financing which the company says will allow it to purchase more vehicles to expand its business to new sites.
“Envoy has built a strong foundation enabling properties to provide a valuable and essential in-house electric mobility service,” company co-founder Ori Sagie said in a statement. “Now, with our new partners and funding, we are poised to scale rapidly into new markets and continuously educate about electric vehicles and usage.”
The company provides electric vehicles and charging stations to commercial properties, where residents, guests or employees can borrow cars through an app-based rental system. Envoy also handles charger installation, covers auto insurance and maintains the vehicles once they are put into service at a site.
Envoy says it now operates at more than 100 properties across 14 markets, including Los Angeles. Its focus is on expanding operations outside of California, with a focus on the Pacific Northwest, New York, Miami, Chicago and Washington, D.C., a company representative said.
This year, the company announced a partnership with the Los Angeles Clean Tech Incubator and community organization Pacoima Beautiful to launch a community car-sharing program in the northeast San Fernando Valley.
The Clean Tech Incubator also contributed to the company’s Series A funding round. According to PitchBook, the company has raised just over $15 million total since it was founded in 2016.
