What is Spring Free EV?
Spring Free EV operates at the intersection of financial services and environmental sustainability. Founded in 2021 by industry veterans Sunil Paul and Martin Lagod, the company provides specialized fintech products designed to streamline the acquisition of electric vehicles. By addressing the capital-intensive nature of EV fleet transitions, the firm enables broader market participation, effectively lowering the threshold for commercial and individual users to adopt cleaner energy alternatives. Its market position is defined by a unique synthesis of project finance expertise and digital-first accessibility, aiming to catalyze a significant reduction in global CO2 emissions through scalable, technology-enabled financial instruments.
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, Climate Capital, Gaingels, and Spring Lane Capital
Other Financing Round (2025): $7.2M led by Spring Lane Capital
Key Investors in Spring Free EV
Brainstorm Ventures
Brainstorm Ventures is a seed and early-stage venture capital firm founded in 1999 by former entrepreneurs, focusing on partnering with exceptional founders to build transformative technology companies.
Climate Capital
Climate Capital specializes in the investment and management of renewable energy projects, providing tailored electricity solutions that help reduce greenhouse gas emissions and operating expenses.
Gaingels
Gaingels is a leading investment syndicate that supports the LGBTQ community and allies, investing in high-growth companies across various sectors from Seed to pre-IPO stages.
What's next for Spring Free EV?
With the successful closure of this major strategic investment, Spring Free EV is poised to deepen its market penetration and expand its suite of financial products. The company is expected to focus on scaling its infrastructure-backed lending capabilities, which are essential for supporting the rapid deployment of EV fleets. Future growth will likely be characterized by strategic partnerships with automotive manufacturers and energy providers, further integrating the company's fintech platform into the broader EV ecosystem. As the firm moves beyond its initial scaling phase, the focus will shift toward optimizing capital efficiency and enhancing the scalability of its sustainable asset financing models to meet the increasing demand for electrified transportation solutions.
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