As the used EV surge arrives, Plug is ready and fully charged — with $20 million.

The online auction exclusively for electric vehicles received $20 million in Series A funding, a round led by Lightspeed, with participation from Galvanize and existing investors Autotech Ventures, Leap Forward Ventures and Renn Global.

Plug said the new capital will be used to grow its supply pipelines, develop more proprietary technology to evaluate EV condition and capability, and increase go-to-market capacity across wholesale and retail channels.

More than 1.1 million EV lease returns, valued at an estimated $30 billion, are expected to enter the U.S. market over the next three years, Plug said, creating a need for dealers and commercial sellers to find faster, more accurate and more predictable ways to process EV inventory.

In a news release, Plug said its marketplace is “emerging as a core infrastructure layer” for that rapidly expanding used EV market. Since its 2024 launch, more than $60 million in used EV sales have been conducted through Plug, the company said, noting more EVs were sold on the marketplace in the fourth quarter of 2025 than in all of 2024.

“The used EV wave isn’t coming. It’s here and building fast,” founder and CEO Jimmy Douglas said. “Dealers are staring at a massive influx 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.”

Plug said its platform provides wholesale valuations based on its proprietary insights, real-time market and pricing signals, battery health information and VIN-level vehicle data for the more than 600 dealers and commercial consignors active on the marketplace.

“The growth of the used EV market is driving a fundamental shift in how vehicles are valued and transacted,” Lightspeed partner Justin Overdorff said. “Plug recognized early that electric vehicles require a fundamentally different approach and built a business around that 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.”

In the wake of leading the funding round, Overdorff has joined Plug’s board of directors, the company said, adding experience in marketplaces and fintech as well as scaling platform businesses and supporting “category-defining” companies.

Another Lightspeed partner, Kat Zhang, is also coming on board as a board observer. Zhang works with Lightspeed’s early-stage fintech founders.

In addition, Plug has added two new members to its leadership team.

Andrew Maddox is the new vice president of finance, overseeing financial operations as the company scales. He joins Plug after serving as chief financial officer of music funding platform beatBread, and previously spent four years in various roles with TikTok, most recently as head of finance and payment services, U.S. data security.

Alexandra Yorke has been hired as senior director of marketing, leading brand, positioning and go-to-market strategy. She comes from dealer platform Signal Technologies, having led marketing and growth initiatives.