Plug, a Santa Monica, CA-based marketplace built for buying and selling electric vehicles, has raised $20 million in its Series A funding round led by Lightspeed.
The round also saw participation from Galvanize and existing investors Autotech Ventures, Leap Forward Ventures, and Renn Global.
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The company plans to use the funds to expand its supply chains, develop additional proprietary technology to assess EV condition and performance, and expand its sales reach in both wholesale and retail markets.
The Plug marketplace is explicitly designed for EV transactions. It provides wholesale
valuations based on proprietary insights, real-time market pricing, battery health data, and
detailed vehicle information by VIN.
Plug, a marketplace for buying and selling electric vehicles, is becoming a key platform for the fast-growing used EV market. Since launching in 2024, it has handled over $60 million in used EV sales, and in Q4 2025 alone, Plug sold more EVs than it did in all of 2024.
A significant supply shift drives this growth. Over the next three years, more than 1.1 million EV lease returns—worth around $30 billion—are expected in the U.S. market. As a result, dealers and commercial sellers need faster, more accurate, and more predictable ways to manage EV inventory, which differs significantly from that of traditional vehicles.
“The rise of the used EV market is changing how vehicles are valued and sold,” said Justin Overdorff, Partner at Lightspeed. Plug saw early on that EVs need a different approach and built its business around that. With strong execution, EV-focused data, and an active marketplace, the company is well-positioned to help dealers and commercial partners as EV volumes grow.”
Justin Overdorff has joined Plug’s board of directors, bringing extensive experience in the marketplace and fintech sectors and a track record of scaling platform businesses and supporting category-defining companies. Kat Zhang, a Lightspeed partner who works closely with early-stage fintech founders, has also joined as a board observer. Additionally, Andrew Maddox has been named head of finance, overseeing financial operations as the company grows, drawing on experience from beatBread and TikTok.
Alexandra Yorke has joined the company as head of marketing, leading brand, positioning, and go-to-market strategy. She previously drove marketing and growth at the dealer platform Signal Technologies.
As a result, most listings get market-rate offers within 24 hours. This fast sales pace allows the 600+ dealers and commercial sellers on the marketplace to transact quickly and confidently while managing residual risk as EV volumes grow.
About Plug
Founded in 2023 and led by CEO Jimmy Douglas, Plug is a marketplace for buying and selling electric vehicles. Its EV-focused platform connects consumers, dealers and commercial partners, supporting both wholesale and retail transactions. Using real time vehicle data and fast-moving inventory, Plug brings speed, clarity and confidence to the way EVs are bought and sold.
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