Emerging Companies and Venture Capital

New York – July 16, 2024: Crowell & Moring represented itselectric, a Brooklyn-based electric vehicle curbside charging company, in closing a $6.5 million in a seed funding round. The round was led by Failup Ventures and Uber Technologies, with additional participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. This new funding will support itselectric's expansion to seven U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco, and will help meet the growing demand for convenient and affordable curbside EV charging solutions.With the rapid growth of EV sales in the U.S. and the increasing need for charging infrastructure, itselectric's innovative Level-2 charging posts offer a scalable solution. These chargers connect behind-the-meter to draw spare electrical supply from adjacent buildings, eliminating the need for utility permitting and coordination. This approach allows for zero-cost installation to property owners and cities, while also providing a revenue-sharing model that benefits property owners. Additionally, itselectric's UL-certified detachable cable EV chargers emphasize safety, customer experience, and product quality.New York-based corporate partner Matthew Moisan led the deal with assistance from counsel Justin Lurie and associate Justin Porter....