What is Spring Free EV?
Spring Free EV is a financial technology company dedicated to making electric vehicles (EVs) more accessible and driving the reduction of CO2 emissions. Co-founded in 2021 by Sunil Paul and Martin Lagod, the company aims to cut global CO2 emissions by one gigaton by 2021 through a novel vehicle financing approach. This strategic investment positions Spring Free EV to scale its operations and further its mission in the rapidly evolving green transportation sector.
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 across Australia, focusing on behind-the-meter solutions. They build, own, and operate projects that range from 1 to 100MW in capacity.
Gaingels
Gaingels is the leading investment syndicate in support of and representing the LGBTQ community and allies in the venture capital space, investing in companies with LGBT founders and C-suite leaders at all stages of growth.
What's next for Spring Free EV?
The substantial capital infusion, characterized as a major strategic investment, signals a new phase of growth for Spring Free EV. This backing is expected to fuel the expansion of its fintech products, enhance its vehicle financing solutions, and accelerate its efforts to achieve its ambitious environmental targets. The company is poised to solidify its market position and influence the broader adoption of sustainable transportation.
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