Santa Monica-based Plug, a marketplace built for buying and selling electric vehicles and an emerging core infrastructure layer for the rapidly expanding used EV market, has raised $20 million in Series A funding led by Lightspeed. The new capital will be used to exponentially grow Plug’s supply pipelines, develop more proprietary technology to evaluate EVs’ condition and capability, and expand go-to market capacity across wholesale and retail channels.
“The used EV wave isn’t coming, it’s here and building fast,” said Jimmy Douglas, founder and chief executive of Plug, in a statement. “Dealers are staring at a massive flux of off-lease EVs that could become their next major profit center. But you can’t manage EV valuations with petroleum-fueled vehicle assumptions. This is where Plug comes in.”
Since its launch in 2024, the marketplace has facilitated more than $60 million in used EV sales, selling more electric vehicles in the fourth quarter of 2025 than it did during all of 2024. This acceleration is fueled by a significant supply shift, with more than 1.1 million EV lease returns, valued at an estimated $30 billion, expected to enter the U.S. market over the next three years.
“The growth of the used EV market is driving a fundamental shift in how vehicles are valued and transacted,” said Justin Overdorff, a partner at Lightspeed, in a statement. “Plug recognized early that electric vehicles require a fundamentally different approach and built a business around this need. With disciplined execution, EV-native data and an active marketplace, the company is well positioned to support dealers and commercial partners as EV volumes continue to rise.”
The marketplace was built specifically for EV transactions, connecting buyers and sellers across consumers, dealers and commercial partners while using real-time vehicle data and rapid inventory velocity to bring clarity, speed and confidence to how electric vehicles move through the market.
Information for this article was sourced from Plug.
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