Local tech startup BatteryXchange seems to have hit its stride.
The startup announced last week that it recently closed on an investment from local venture capital firm Defiance Ventures. The VC, founded in 2020 by John Espy and Tareq Amin, focuses on B2B enterprise technology companies. It combines capital and early-stage investment expertise with real-world capabilities spanning marketing, branding, sales, application development and cloud architecture.
BatteryXchange was co-founded in 2019 by Desmond Wiggan and Aubrey Yeboah. Its technology provides portable batteries to cell phone users through kiosks around the city.
Ashley Love, Defiance Ventures chief financial officer, said the deal closed on May 7. Love said the startup was a good fit for the VC for several reasons.
"In speaking with Desmond, he’s very talented; And as John [Espy] always says, 'We’re betting on the jockey,'" she said. "We generally like to make investments in companies we think we can make an impact on and who we think will have an impact on the community."
Love also noted that Defiance Ventures is working with intention to boost Black and brown founders in tech.
"We’re trying to focus on minority founders in the tech space," she said. "It's a constant focus that we’re thinking about proactively."
This investment is just the latest in a string of financial wins that Wiggan said were a long time coming. Earlier this month, BatteryXchange was one of two Charlotte startups awarded a $50,000 seed grant through NC IDEA. In April, Wiggan placed second in Black Man Ventures' inaugural pitch competition, taking home $8,000 for the company.
Though he cannot yet disclose the investment amount, Wiggan said BatteryXchange has brought in about $120,000 through various avenues over the last month.
"Once you get into a phase like what we’re in, it’s like, 'Man, that’s why we’re doing it,'" he said. "We’ve been working hard to get these places, and when they finally see you, it just gives me hope."
Wiggan added, "It allows me to be a lot more confident and say this region is believing more in entrepreneurs, especially Black entrepreneurs."
With momentum on its side, BatteryXchange's work is far from complete. Wiggan said the Defiance Ventures investment was just the first in the company's seed round. He said they're hoping to raise $500,000.
"I’m locked in now to try and grow and get big traction over the next three or four months," he said. "The summer is going to be huge for us. We built out our sales team, so we now have people who are going out and selling; we're working on some local partnerships, too, that will allow us to scale."
