Monta, the operational platform driving the electric vehicle (EV) charging ecosystem, announced the closure of its 80 million euros Series B round, bringing the company’s total funding to 130 million euros in just three years.
Energize Capital co-led the round with GreenPoint Partners, and Denmark’s state-backed Investment and Export Fund also participated.
The Series B also saw the involvement of returning investors Holder, founders, AENU, and Creandum, along with new investor Quantum Light.
The firm is accelerating the electrification of mobility through its EV charging platform, serving hardware manufacturers, operators, businesses, and electric cars drivers with an integrated software solution.
Founded in 2020, the company has become the de facto hub for simplifying and streamlining the implementation, usage, and management of electric vehicle charging infrastructure for enterprises and operators.
The platform also assists hardware manufacturers in optimizing their products by allowing them to compare charging point brands, provide usage and performance insights, and expedite troubleshooting and maintenance time.
In addition, EV drivers can use Monta’s software to charge at over 600,000 locations across Europe.
“Electric cars and charging infrastructure are the cornerstones of the global shift towards decentralized electrification, and Monta’s software platform is the backbone enabling this critical transition in energy and mobility,” said Casper Rasmussen, CEO and founder of the firm.
“Our differentiator is that we take on the entire value chain of the EV charging market, with a tool that streamlines and simplifies charging operations for all participants, bridging the gap between energy providers and end-users,” he added.
With one million charging sessions per month and 130,000 charging points on the platform, the growth is a testament to the market nearing a turning point.
“We are excited about the support from Energize and all our investors to help us advance our mission of democratizing mobility electrification,” acknowledged Rasmussen.
It’s worth mentioning that in 2023, the firm increased its annual recurring revenue by 600 per cent, opened two new markets, including new offices in Paris and Barcelona, and nearly doubled its workforce.
This growth has been supported by the addition of several new strategic partners, including Siemens, EGG, Rolec, and Uno-X, relying on the platform to manage their fleets and home and work charging needs, in addition to leveraging the company’s extensive roaming network with over 600,000 charging points.
Combined with achieving goals for 14 consecutive months, investors have been keen on empowering Monta to continue its momentum.
“The EV charging point market continues to expand with an impressive trajectory and demands a modern solution to manage the growing volume and complexity of contact points between electric vehicles and charging infrastructure,” stated Juan Muldoon, Partner at Energize Capital and Monta’s board member.
“With a business model reaching participants across the entire EV ecosystem to connect the dots and enable scalability, Monta is that solution. It is the fastest-growing startup at its scale in the electromobility space. We are thrilled to double down on our investment and continue partnering with their team to accelerate the transition,” he added.
The firm will utilize this investment to duplicate its successful ecosystem strategy by strengthening product R&D investments, expanding its partner network in all markets, and, together with the industry, creating a sustainable charging infrastructure to provide operators and electric vehicle drivers more control over their energy consumption.