Buzze Closes $2.5 Million Seed Round Backed by Arizona Investors

By Kyle Macdonald, COO of Silicon Oasis

Arizona-based EV charging company Buzze has closed a $2.5 million seed round as the company prepares for another year of rapid growth.

Founder and CEO Aaron Lieberman announced the financing on LinkedIn, saying the round was backed by a group of Arizona investors including Tim Louis and Desert Capital, Chris Erickson, Barry Zemel, Steven Schwarz, Mike Zimmerman, Dr. Reginald Bolding and Jerry Hirsch’s family office. Lieberman said many investors utilized the Arizona Commerce Authority’s Angel Investment Tax Credit.

Buzze also secured a $1 million receivables line from Enduring Planet, its second loan with the climate-focused financing provider.

The company provides EV charging solutions for multifamily properties, a market positioned at the intersection of real estate, electrification and transportation infrastructure. According to Lieberman, Buzze is on track for approximately 3x growth this year and believes its current trajectory could allow the company to sustain continued growth without another equity financing round.

The expansion is also becoming visible on the ground. Lieberman said Buzze is nearing completion of the buildout of a new office, with a grand opening expected to follow.

Buzze’s financing is notable for Arizona’s startup ecosystem beyond the size of the round. The company’s investor base highlights the role local angel capital can play in supporting Arizona companies, while the use of the state’s Angel Investment Tax Credit demonstrates how public policy can help mobilize private startup investment.

As Arizona works to build a deeper Silicon Oasis, companies that can raise meaningful capital locally and convert it into sustained commercial growth are an important part of that flywheel.

Article of Reference:
Aaron Lieberman’s LinkedIn announcement