WEX, the Portland, Maine-based global commerce platform, announced a new investment arm called WEX Venture Capital.
WEX Venture Capital will invest up to $100m through the end of 2025, which will likely be made predominantly in early-stage companies focused on the energy transition, including areas such as fleet electrification, the electric vehicle (EV) charging ecosystem, energy management and optimization, and adjacent technology.
WEX Venture Capital offers portfolio companies the potential to benefit from WEX’s global fleet business and expertise, while guiding WEX fleet customers as they navigate the expected global EV transition.
The arm has already started to deploy capital, including minority investments in Chargetrip, a Netherlands-based company focused on range prediction and EV routing for private drivers and commercial fleets, and ev.energy, a UK-based company offering a managed charging software platform for EVs.