Recurrent’s Next Growth Phase with New Partners and Funding
It was a little over one year ago that we announced Recurrent’s seed funding. In that post, I introduced a growth plan and a commitment to R&D that would enhance our value to the EV community.
Wow. Did I ever underestimate the velocity of the sector that we were joining. It’s become clear to the entire auto ecosystem that the EV transition will be life or death for many decades-old companies. We’ve been fortunate to be able to focus on the long-term transition, doing the important innovation as the broader industry is still struggling with short-term (but incredibly painful) supply constraints from crisis after crisis.
But EV adoption is accelerating nonetheless. Industry leaders have been announcing bold commitments to an EV future and we’re fortunate to be part of that, as we welcome some really exciting new clients and investors.
New Client Partners
Del Grande Dealer Group, our newest Recurrent dealership customer, will feature Recurrent ratings for its used EV listings across its 19 rooftops in the Bay Area. Del Grande is a top seller of used electric vehicles so we will be thrilled to see Recurrent reports on their website in the coming weeks.
In addition, we’re thrilled that one of the largest used auto wholesale auction providers (Company name to be disclosed soon!) will be adding Recurrent to its digital auctions to offer buyers new levels of transparency when purchasing used electric cars. This allows its customers to quickly determine how well an individual EV has retained its driving range and how that range can be expected to vary in different temperatures. Our ratings will be available to all auction bidders on the site.
Recurrent’s Reports display an Excellent, Good, or Fair rating to compare each vehicle’s range to its original range. An Excellent rating means that the vehicle’s maximum range today is over 90% of its original range. A Good rating means the range is between 80-90% of its original range. A Fair rating means the vehicle’s max range is less than 80% of original.
New Investor Partners
In addition to these wonderful new customers, I am also excited to announce that Recurrent brought on new investors with deep experience in the automotive industry to fuel our growth, including Automotive Ventures, Goodyear Ventures, Hearst Ventures, Avesta Fund, MAP Investco, Circumference Group, EnerTech Capital, and E8 Angels.
These firms join our existing investor group, which includes Wireframe Ventures, PSL Ventures, Ascend VC, Vulcan Capital, Prelude Ventures, Powerhouse Ventures and AAA of Washington, among others.
I have shared in the past that each new investor, advisor and seasoned customer helps me be a better CEO. I learn from them each day. Today, as I look around at the Recurrent community, which now includes 8,000 EV owners, 10’s of thousands of EV shoppers, 20 team members, and a growing client base, I am equal parts thankful for the past and excited for the future. Recurrent would not be what is without all of you.
New Features for EV Owners
I’m most excited about where we’re going next. The 8,000+ EV owners on our platform are all eventually going to sell their cars into a used auto ecosystem that is slowly getting better positioned to understand and value the EV battery.
We believe we’re positioning ourselves well to help our subscribers sell their cars at a premium when they’re ready, if they choose to share their battery data with potential buyers. This not only benefits EV owners signed up for our free monthly battery reports, but will also benefit dealers who are really paying attention and eventually future used buyers.
More to come soon!