Plug, a U.S.-based digital marketplace focused exclusively on electric vehicles, has raised $20 million in a Series A funding round led by Lightspeed Venture Partners, as it looks to scale operations amid rising volumes of used EVs entering the secondary market.
The round included participation from Galvanize and existing investors Autotech Ventures, Leap Forward Ventures and Renn Global. Founded in Santa Monica and launched in 2024, Plug said it has facilitated more than $60 million in used electric vehicle transactions to date, with sales in the fourth quarter of 2025 alone exceeding its full-year 2024 volume.
The funding comes as more than 1.1 million off-lease electric vehicles, with an estimated value of $30 billion, are expected to re-enter the U.S. market over the next three years. Industry participants say the influx is reshaping dealer economics and creating demand for platforms that can more accurately value and process EV inventory.
“The used EV wave isn’t coming, it’s here and building fast,” said Jimmy Douglas. “Dealers are staring at a massive flux of off-lease EVs that could become their next major profit center.”
Plug said its platform was built specifically for EV transactions rather than adapted from internal combustion vehicle marketplaces. It offers proprietary wholesale valuation tools, real-time pricing signals, battery health intelligence and VIN-level vehicle data, allowing dealers and commercial consignors to manage pricing risk and accelerate sales velocity. The company said more than 600 dealers and fleet consignors actively use the platform, with most listings receiving market-rate offers within 24 hours.
The newly raised capital will be used to expand Plug’s vehicle supply pipelines, enhance its EV evaluation technology and increase go-to-market capacity across wholesale and retail channels.
As part of the investment, Justin Overdorff has joined Plug’s board of directors, while Kat Zhang, also a Lightspeed partner, has taken a board observer role. The company has also expanded its executive team, appointing Andrew Maddox as head of finance and Alexandra Yorke as head of marketing.
“Plug recognized early that electric vehicles require a fundamentally different approach and built a business around this need,” Overdorff said.