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§ Private Profile · Palo Alto, CA, USA
Workforce management SaaS platform for enterprises, managing end-to-end lifecycles for blue-collar workers in Asia.
Better Place has raised $709.5M across 7 funding rounds.
Key people at Better Place.
Better Place has raised $709.5M in total across 7 funding rounds.
Better Place was a Palo Alto, California-based clean technology company that developed and operated automated battery-charging and battery-swapping infrastructure networks for electric vehicles. The business utilized a subscription model where customers purchased vehicles without batteries and paid a recurring monthly fee for battery leasing, network access, and rapid swaps. Before filing for bankruptcy and liquidating its assets in 2013, the enterprise raised approximately $850 million in venture capital funding and reached a peak valuation of $2.25 billion. The physical infrastructure network ultimately deployed 21 battery-swap stations across Denmark and 38 locations throughout Israel, serving roughly 1,000 total customers. To support its operations, the firm established strategic automotive partnerships and secured financial backing from notable entities including Renault, Israel Corp, and VantagePoint Capital Partners. The clean technology company was originally founded in 2007 by Shai Agassi.
Better Place has raised $709.5M in total across 7 funding rounds.
Better Place's investors include Israel Corp., European Investment Bank, GE, HSBC, Maniv Energy Capital, Morgan Stanley, Idan Ofer, UBS, VantagePoint Capital Partners, Kevin Adeson, Lazard Asset Management, Ofer Hi-Tech.
Key people at Better Place.
Better Place has raised $709.5M across 7 funding rounds. Most recently, it raised $1.9M Series C in July 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 11, 2024 | $1.9M Series C | — | — | Announced |
| Aug 23, 2023 | $2.6M Series B | — | — | Announced |
| Dec 22, 2021 | $4.7M Venture Round | — | — | Announced |
| Dec 5, 2012 | $100M Venture Round | Israel Corp. | — | Announced |
| Aug 28, 2012 | $50.3M Debt Financing | European Investment Bank | — | Announced |
| Nov 11, 2011 | $200M Series C | — | GE, HSBC, Israel Corp., Maniv Energy Capital, Morgan Stanley, Idan Ofer, UBS, VantagePoint Capital Partners | Announced |
| Jan 25, 2010 | $350M Series B | Kevin Adeson | Israel Corp., Lazard Asset Management, Morgan Stanley, Ofer HI Tech, VantagePoint Capital Partners | Announced |
Better Place was a pioneering venture-backed startup that developed battery charging and battery switching infrastructure for electric vehicles (EVs), aiming to address range anxiety and accelerate EV adoption.[1] Founded by Shai Agassi, it offered a subscription model where customers paid per mile driven, covering battery leasing, charging, swaps, maintenance, and sustainable electricity, while serving individual car owners and partnering with automakers like Renault-Nissan.[1] The company raised $700 million by 2011 and achieved a $2.25 billion valuation as an early "unicorn," but filed for bankruptcy in 2013 after deploying infrastructure in Israel and Denmark, ultimately liquidating assets due to insufficient consumer demand despite early hype.[1][3]
Better Place originated from Shai Agassi's epiphany at the 2005 World Economic Forum in Davos, where Klaus Schwab challenged him: "How do you make the world a *better place* by 2020?"—prompting Agassi to envision a battery-swapping network to eliminate oil dependence.[1] Agassi, a serial entrepreneur who previously founded TopTier Software (acquired by SAP in 2001), publicly launched Project Better Place on October 29, 2007, in Palo Alto, California, though operations centered in Israel with major investors there.[1][2] Early traction included $700 million in funding, tax incentives from governments, and partnerships for switch stations, but pivotal setbacks like low EV sales led to receivership and asset sales by November 2013.[1]
Better Place stood out in the early EV landscape through these key innovations:
Better Place rode the nascent 2000s EV trend, pushing electrification onto the global tech agenda a decade before mainstream adoption by Tesla and others.[3] Its timing capitalized on oil price spikes and climate awareness post-Davos 2005, with market forces like government tax breaks favoring infrastructure plays, though it predated affordable batteries and consumer readiness.[1] Despite failure, it influenced the ecosystem by proving battery-as-a-service viability, inspiring modern models like NIO's swaps in China, and highlighting the need for seamless infrastructure to scale EVs.[1][3]
Better Place's collapse underscores the risks of visionary infrastructure bets outpacing market maturity, yet its $2.25 billion unicorn status and technical proofs validated EV networks as essential for mass adoption.[1][3] Looking ahead, its legacy endures in today's battery-swapping revival (e.g., by Ample, NIO) and leasing norms from giants like Tesla, shaped by falling battery costs and policy mandates. As EV infrastructure matures globally, Better Place's bold model—killed by its own early success in hype—foreshadows a "better place" where swappable, service-based batteries drive the oil-free future Agassi envisioned.[3]
