SparkCharge Net Worth – How Much Is the Portable Car Charger Company Worth?

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SparkCharge Net Worth

We are all aware of the prospect of the climate crisis that the whole world is currently experiencing. Tending to those issues, there has been an increase in the availability of electric vehicles. However, one of the most common concerns that people have regarding using electric vehicles is running out of power in the middle of the road.

SparkCarge, which is a portable car charger company, tends to that issue. The company is founded by Chris Ellis and Josh Aviv, both of whom were enthusiastic about streamlining the long-lasting usage of an electric vehicle.

Present-day reports suggest that SparkCharge has amassed a valuation of $30 million, following its appearance on Shark Tank. This article will further explore more about the business.

About the Founders

The first founder of SparkCharge is Josh Aviv, who was born and raised in Somerville, Massachusetts. Josh initially attended Richland College to complete his liberal studies degree, following which is acquired his bachelor’s degree from Syracuse University.

The second founder of SparkCharge is Chris Ellis, who is from Boston, Massachusetts. He acquired two graduation degrees from Onondaga Community College, following which he attended UC San Diego where he completed his bachelor’s in Electrical Engineering. His associate degrees were in engineering science.

Founding SparkCharge

Surprisingly, it was Josh who came up with the item for SparkCharge while he was discussing with his professor the feasibility of EVs on the road. He launched the company in 2017.

Initially, Josh hired and appointed Chris as the Chief Technology Officer of the company. Following that, they worked together, ideated the product, and ended up launching their first portable car charger – Roadie.

What was the USP of Roadie was the fact that a single minute of charging powered the EV to travel at least one mile. Following the initial launch, the founders came together to initiate a funding round and raised $3 million.

SparkCharge on Shark Tank

The founders introduced SparkCharge in the twelfth season of Shark Tank. They asked for $1 million for 6% equity. The primary objective of Shark Tank was to find ways to scale its operation.

During the time they went on Shark Tank, the company was only able to manufacture 50 units at a time. They didn’t have a consumer-based model during that period. Although the demand was there, they could meet those booming demands.

In the end, Lori Greiner and Mark Cuban did a collaborative deal where they agree to pay $1 million in exchange for 10% equity and 4% advisory shares in the company.

SparkCharge after Shark Tank

To their luck, the collab deal between Lori and Mark successfully went through. The company gained the boost it needed. After airing on Shark Tank, the company was later approached by several other investors as well.

With the investors and funding they received, SparkCharge is currently in the process of expanding its business. They are currently operational across San Jose, San Francisco, Los Angeles, Dallas, etc. They currently have a valuation of $30 million, making around $8 million in annual revenue.

FAQs

1. Where can I buy SparkCharge products?

SparkCharge products, including the Roadie, may be available for purchase on the official SparkCharge website or through authorized retailers. We’d recommend you check their official channels for the most accurate and current information.

2. How much does SparkCharge cost?

SparkCharge comes with a subscription-based model where it costs between $5-$30 per month. We’d recommend that you check their official website to get a comprehensive understanding.

3. Did Mark Cuban invest in SparkCharge?

During their pitch on Shark Tank, SparkCharge secured a collaborative deal from Mark Cuban and Lori Greiner, which helped them further grow their brand to where it is today.