Plug (Plug Motors), an online marketplace for buying and selling used electric vehicles, raised $20 million in Series A funding.
Including the latest funding round, Plug has raised a total of $26.7 million in funding to date, according to the latest funding data compiled by Green Tech Post. Previously, Plug secured $6.7 million in seed funding in April 2025, led by Floodgate, Autotech Ventures, and A*.
Lightspeed led the latest investment round with participation from Galvanize and existing investors Autotech Ventures, Leap Forward Ventures, and Renn Global.
According to an official press announcement, Plu Motors plans to use the newly secured capital to grow supply pipelines, develop more proprietary online marketplace technology, and expand go-to-market capacity across wholesale and retail channels.
Since its 2024 launch, the California-based Plug has facilitated more than $60 million in used EV sales, and in Q4 2025, the company sold more electric vehicles than it did during all of 2024.
Plug marketplace is built specifically for used electric vehicles. Its online platform provides: wholesale valuations based on its proprietary insights, real-time market and pricing signals, battery health intelligence, and VIN-level vehicle data. As a result, most listings receive market-rate offers within 24 hours. This sales velocity enables the 600+ dealers and commercial consignors active on the marketplace to transact quickly and with confidence, while managing residual risk as EV volumes rise.
Plug is an online wholesale marketplace exclusively for electric vehicles, founded by former Tesla executive Jimmy Douglas. “The used EV wave isn’t coming, it’s here and building fast,” said Jimmy Douglas, founder and CEO of Plug. “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.”