Lyteflo Secures CAD 3 Million to Enhance EV Sales Platform

Montréal-based electric vehicle (EV) sales platform, Lyteflo, has successfully closed a CAD 3-million seed funding round to aid car dealerships in selling EVs more efficiently. Led by Diagram Ventures with participation from Toronto-based Whitecap Venture Partners and Amplify Capital, the funding round aims to enhance Lyteflo’s EV Revenue Platform. The platform is designed to facilitate the EV purchasing process for both consumers and dealerships by offering essential data such as fuel and maintenance savings, available incentives, and charging capacity directly on dealership websites. As the former COO of Gubagoo, Ryan Osten, Lyteflo's CEO, capitalized on his experience in automotive e-commerce to develop solutions that empower dealerships to better navigate the burgeoning EV market. The new funding will be directed toward product development, including features for EV battery testing and the launch of a hardware product for battery cell health data collection. Despite potential challenges due to fluctuating government incentives in Canada and the US, the EV market is expected to grow significantly, bolstered by Canada’s commitment to achieving 100% zero-emission vehicle sales by 2035.