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Investing in itselectric: Revolutionizing Urban EV Charging 

We are pleased to announce our investment in itselectric, a company revolutionizing urban EV charging with cutting-edge curbside solutions. Our investment is part of itselectric’s $6.5M seed round, which was co-led by Uber and FailUp. Itselectric operates a behind-the-meter, Level 2 curbside EV charger platform designed for vehicles in dense, urban communities. The company was co-founded by Tiya Gordon and Nathan King, mission-driven entrepreneurs with expertise in urban design, project management with cities, and architecture.

by Emma Leavy

Electric vehicles (EVs) are essential for reducing greenhouse gas emissions and combating climate change, but EV ownership is skewed towards higher-income Americans, with 14% owning an EV compared to only 5% of middle-income Americans. Low- and moderate-income (LMI) communities face significant barriers to EV adoption, including limited charging infrastructure and lack of charging in multi-unit dwellings.

Our latest investment in itselectric addresses these challenges with an innovative business model that fills infrastructure gaps and aligns stakeholder incentives. The company provides a sleek, compact curbside charging solution, offering convenient access for urban EV owners without home charging options. Its behind-the-meter (BTM) design eliminates the need for utility connections, reducing installation costs and complexity. 

With a revenue-sharing model benefiting both the company and community, and chargers that integrate with smart grid systems, itselectric is overcoming barriers to EV adoption. With their latest Seed round of funding backed by FailUp Ventures, Uber, Halogen Ventures, the Partnership Fund for NYC and others, itselectric is positioned as a transformative player in the fast-growing EV charging market.

Why We Invested in Itselectric

High Growth EV Charging Market 

The EV charging market is projected to grow significantly over the next decade, with Level 2 chargers expected to see a 53% CAGR and an estimated 2.1 million public and group chargers needed by 2030. itselectric focuses on underserved urban areas, with a $16 billion total addressable market and $6 billion serviceable market for curbside EV charging.

Differentiated Product and Business Model 

The company’s innovative approach combines a compact charger design and a strategic business model. The product design features a sleek charger with a detachable, untethered cable carried by the driver, eliminating the most damage-prone and visually obtrusive part of public EV chargers. By operating behind-the-meter, itselectric utilizes existing electrical systems of buildings and reduces installation complexity while also creating revenue-sharing opportunity with host properties.

High Impact Climate Justice Investment 

itselectric aligns with Gratitude’s climate justice thesis by prioritizing LMI communities, ensuring EV adoption’s benefits—like cleaner air and economic opportunities—reach those most affected by climate change. The company is partnering with Uber to ensure rideshare drivers can also go electric and boost earning potential.