BreatheEV
Setting the Scene
As electric vehicles (EVs) become more popular, finding and filling available charging units is increasingly challenging for drivers and properties alike.
Here’s why:
Low Turnover: Drivers leave their cars at chargers long after they’re fully charged, limiting charger availability and reducing turnover.
Limited Access: Over 32% of U.S. residents in multifamily housing have minimal or no access to on-site EV charging.
Underutilized Infrastructure: Some properties over-install chargers to meet peak demand, resulting in high upfront costs and idle infrastructure during off-peak hours.
This week’s company offers a reliable EV charging solution to improve accessibility for owners and consistent revenue for properties.
In a Sentence
BreatheEV is a reservation-based electric vehicle (EV) charging system that improves access for drivers and boosts reliability and revenue for properties.
Reservation-Based: Offers users dependable access to charging stations via an app, allowing them to book a station and time in advance.
System: BreatheEV’s software provides properties with analytics on energy usage, revenue, and helps reduce the amount of chargers a property needs.
Bulleted Version:
- Think of BreatheEV as the “Airbnb for EV Charging,” where users book their charging spot ahead of time, optimizing usage just as Airbnb maximizes room occupancy.
The Basics
- Headquarters: Arizona
- Employee Count: 9
- Investors:
Dorm Room Fund, New Venture Challenge, Eric Ries, Dan Tyre, Ray Croghan, and other notable angels.
- Funding amount: $300k pre-seed I and $500k already committed for their pre-seed II
- Business model: Property owners shares charging revenue BreatheEV
- Early traction: Revenue-generating since March 2023, active in two states, recent contract with a top-three U.S. university, and partnership with a publicly traded company
Due Diligence
WHAT WE LIKE
Market Opportunity: With 17 million EV’s expected to be sold by the end of 2024, a 20% increase from 2023, the demand for accessible charging infrastructure will intensify, positioning BreathEV’s reservation system at the forefront of this shift.
Built on Existing Infrastructure: BreatheEV’s software retrofits existing OCPP-compliant chargers, reducing costs and enabling quick, scalable adoption for expansion across multifamily housing, commercial real estate, rideshare fleets, and hospitality venues.
Patent Pending: BreatheEV’s reservation-based system is patent-pending, adding defensibility to its approach in the rapidly growing EV charging market.
POTENTIAL RISKS
Adoption Resistance: Some properties may hesitate to adopt a new revenue-sharing model or invest in retrofitting without clear initial benefits.
Dependency on External Hardware: As a hardware-agnostic platform, BreatheEV relies on compatibility with external chargers, which may limit its ability to control the entire user experience.
Emerging Competition: With several players entering the EV charging space, BreatheEV may need to continually innovate to maintain differentiation and a competitive edge.
Founder Profile
Maxwell Bregman, CEO: Previously lead Data at Culdesac, Kleiner Perkins Fellowship Nominee and Finn Scholar.
Tony Manjooran, Growth & Operations: Previously a consultant at Trinity Life Sciences and The Luminosity Lab.
Comps
Xeal: Backed by Bridge Bank, Keyframe Capital Partners, Moderne Ventures, ArcTurn Ventures, etc.
AmpUp: Backed by Touchdown Ventures, Goodyear Ventures, TechNexus Venture Collaborative, Foothill Ventures, Y Combinator, etc.
SWTCH: Backed by Blue Earth Capital, Aligned Climate Capital, Silicon Valley Bank Canada, Active Impact Investments, etc.
Why BreatheEV
By maximizing charging revenue for properties and simplifying user access through a reservation-based system, BreatheEV is plugging EV owners and properties into the next wave of accessible infrastructure.