The company closes a 80M€ Series B round with a mix of new and existing investors, bringing the total funding to 130M€ in just three years. The company will use the funding to double its team size, continue to invest in product R&D and expand their valued partner network to drive society-wide electrification.
Copenhagen – January 23, 2024. Monta, the operating platform powering the EV charging ecosystem, today announced the close of its €80 M Series B round, bringing the company’s total funding to €130M in just three years. Energize Capital co-led the round with GreenPoint Partners and Denmark’s state-backed Export and Investment Fund. The Series B also included participation from returning investors Headline, byFounders, AENU and Creandum and new investor, Quantum Light.
Monta is accelerating the electrification of mobility through its EV charging platform, which serves hardware manufacturers, operators, businesses and EV drivers with one integrated software solution.
Since its founding in 2020, the company has become the de facto hub for simplifying and streamlining the deployment, use, and management of EV charging infrastructure for businesses and operators. Monta’s platform also assists hardware manufacturers in optimizing their products by enabling them to benchmark charge point brands, provide insights into usage and performance, and speed up troubleshooting and maintenance time. In addition, EV drivers can use Monta’s software to charge on 600.000+ charge points across Europe.
“EVs and charging infrastructure are a cornerstone 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 Monta. “Our differentiator is that we take on the entire value chain of the EV charging market – from the grid to hardware to business and drivers – with a tool that streamlines and simplifies charging operations for all participants, bridging the gap between energy providers and end users. With one million monthly charging sessions and 130,000 charge points on the Monta platform, our growth is a testament to this market nearing an inflection point, and we’re thrilled for the support from Energize and all our investors to help us further our mission of democratizing mobility electrification.”
In 2023, Monta increased its annual recurring revenue by 600%, opened two new markets including new offices in Paris and Barcelona, and nearly doubled its employee headcount. This growth has been supported by the addition of several new strategic partners including Siemens, EGG, Rolec and Uno-X, which rely on Monta’s platform to manage their fleets, home and work charging needs in addition to leveraging the company’s extensive roaming network of more than 600,000 charge points. Combined with hitting targets 14 months in a row, investors have been keen to empower Monta to continue its momentum.
“The market for electric vehicle charge points continues to expand on an impressive trajectory – over 40% annual growth – and is demanding a modern solution to manage the increasing volume and complexity of touchpoints between electric vehicles and charging infrastructure,” said Juan Muldoon, partner at Energize Capital and a member of Monta’s board of directors. “With a business model that touches participants across the EV ecosystem to connect the dots and enable scale, Monta is that solution. The company has solidified leadership in this market with an exciting magnitude of growth – our research indicates Monta is the fastest-growing startup at its scale in the EV space. We are thrilled to double down on our investment in Monta and continue partnering with their team to accelerate the transition to electric mobility.”
Monta will leverage this investment to double down on its successful ecosystem strategy by strengthening investments in product R&D, expanding its partner network across all markets and together with the industry creating a sustainable charging infrastructure to give operators and EV drivers more control over their energy consumption. Monta’s extensive partner network will continue to play a crucial role in accelerating the mobility sector’s sustainability transformation and building the infrastructure for a decentralized electrification system.
About the EV charging market
- The EU introduced a new ICE vehicle ban by 2035. Norway by 2025, UK by 2030. The US aims for 50% of new car sales to be EVs by 2030. Globally a ticking timer has been set on the combustion engine.
- 52% of consumers surveyed in Europe are considering purchasing an EV as their next vehicle. Consumer mindset is beginning to reflect global goals
- Global electric car sales rose 31 % in 2023 and is expected to grow between 25 % and 30 % in 2024. Sales in December hit a monthly record of 1.5 million units sold. BEV sales jumped 50% in the U.S. and Canada, and grew 27% and 15% in Europe and China respectively (source)
- 90+ million new chargers will be installed before 2030. However, growth in EV sales can only be sustained if charging demand is met by accessible and affordable infrastructure, either through private charging in homes or at work, or publicly accessible charging stations (source).
