What is Spring Free EV?
Founded in 2021 by Sunil Paul and Martin Lagod, Spring Free EV operates at the intersection of finance and sustainability. The company's core objective is to democratize EV ownership by developing novel fintech products and a unique vehicle financing approach. This strategy aims to overcome traditional barriers to EV adoption, thereby contributing to a significant reduction in global carbon emissions. The company's ambitious goal is to achieve a reduction of one gigaton of CO2 emissions.
How much funding has Spring Free EV raised?
Spring Free EV has raised a total of $38.2M across 2 funding rounds:
Series A
$31M
Other Financing Round
$7.2M
Series A (2023): $31M with participation from Brainstorm Ventures, Gaingels, Climate Capital, and Spring Lane Capital
Other Financing Round (2025): $7.2M led by Spring Lane Capital
Key Investors in Spring Free EV
Spring Lane Capital
Spring Lane Capital is an investment firm focused on sustainable real assets, specializing in project finance and corporate equity for scalable companies in sectors like energy and transportation. They provide technical expertise to support growth.
Brainstorm Ventures
Brainstorm Ventures is an early-stage venture capital firm that partners with founders to build transformative technology companies, with a focus on cross-border investments.
Gaingels
Gaingels is a leading investment syndicate supporting the LGBTQ community and allies, investing in high-growth companies with inclusive teams across various sectors.
What's next for Spring Free EV?
With the recent major strategic investment, Spring Free EV is poised for accelerated growth and expansion. The substantial capital injection is expected to fuel the development of new fintech products, enhance its existing vehicle financing platform, and broaden its market reach. This funding round, characterized as a major enterprise-level funding, signals strong investor confidence in Spring Free EV's business model and its potential to disrupt the automotive and financial sectors. The company is likely to focus on scaling its operations, forging new partnerships, and further solidifying its position as a leader in sustainable mobility finance.
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