Papaya raises £3.5m in a seed round led by Giant Ventures to expand its electric fleet platform.
Giant Ventures led the seed financing round to help build a comprehensive electric vehicle ecosystem in Europe.
Papaya operates a software platform designed to help source and manage electric vehicle fleets across Europe. The company connects fleet operators with various service providers to streamline operations.
Papaya Technologies has secured £3.5m in a seed round led by Giant Ventures, with participation from Seedcamp, 20VC, FJ Labs, Flexport and Cocoa. The funding will support the startup in building Europe's largest electric vehicle ecosystem and advancing fleet decarbonisation.
Founded by former Deliveroo staff, the London company provides a multi-sided platform linking fleet operators with service providers such as charging stations and vehicle suppliers. The business operates in five countries including the UK, France, Germany and Spain, counting clients like Evri and GoPuff.
Additional backing for the round came from several prominent angel investors, including Sir Richard Branson's family and former executives from Deliveroo, Monzo and Glovo.
From the founder
"Papaya is on a mission to electrify Europe's fleets. We are committed to empowering the electrification ecosystem by removing any barriers and connecting service providers and fleets in one single system, where anyone can plug in; creating market efficiencies instead of just company efficiencies."
Santi Ureta
CEO at Papaya Technologies
Investor perspective
"Europe's brightest and best founders are increasingly focused on climate. Papaya's world-class team has the potential to accelerate radically the adoption of electric vehicles across the continent with a product that solves one of the hardest net zero challenges facing corporations today."
Tommy Stadlen
co-founder, Giant Ventures
Investors
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About the company
Papaya Technologies
Papaya builds a software platform to source and manage electric fleets.