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Exclusive: EV loan servicer Tenet raises $10M in expansion to energy services

Illustration of Ben Franklin in a sports car.

Illustration: Shoshana Gordon/Axios

Tenet, a software startup linking electric vehicle shoppers with financing providers, closed a $10 million Series A as it expands beyond loan servicing into energy management.

Why it matters: EVs are a gateway to electrifying all sorts of things around the house — and Tenet wants to make itself the go-to app for doing so.

How it works: Tenet bills itself as a one-stop-shop for EV buyers, enabling shoppers to bundle the cost of their new electric car, at-home charger and other add-ons into a single loan.

The latest: The NYC-based startup is introducing energy service products, such as software that pauses EV charging when electricity is expensive.

Between the lines: Tenet is looking to leverage the data it gathers from car buyers and their subsequent EV charging experiences.

  • "It's an opportunity to see how this new asset class is performing," CEO Alex Liegl tells Axios. "We offer incentives for the customer to save even more on their purchase, and that gratification allows us to better partner with our financial institutions."

Driving the news: Nyca Partners led the Series A, which closed in October. The firm is joining Tenet's three-member board.

  • Assurant Ventures and Giant Ventures participated.
  • Tenet also closed a $20 million warehouse debt facility with Silicon Valley Bank to facilitate the EV loans.

Of note: Tenet last year raised $18 million in seed funding and later closed a $25 million warehouse facility with NY Green Bank.

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