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Better Place Raises $100 Million As Investors Double Down On Electric Car Bet

Better Place, the electric car infrastructure company, is raising another $100 million in funding amid a leadership shakeup and efforts to attract subscribers to its network of battery switching stations in Israel and Denmark.

Israel Corporation, the holding company controlled by Better Place chairman and billionaire Idan Ofer, is doubling down on the more than $200 million it has already invested in the startup and will put up as much as $67 million for the current round.

Better Place spokeswoman Julie Mullins said the company would not indentify the other investors. But in an Israeli security filing, Israel Corp. stated that groups connected to Better Place will invest up to $19 million and that “an additional current shareholder, which is an international financial organization, is expected to take part in the current round investing $14.4 million.”

Better Place’s current investors, which include General Electric, Morgan Stanley and HSBC, had put more than $750 million into the company prior to the current round.
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