EV charging platform Monta has announced today that it has raised €80 million (USD $87 million) at the close of a Series B funding round, with proceeds aimed at supporting the acceleration of the electrification of mobility through the deployment of charging infrastructure.
Founded in 2020 by Co-founders Casper Rasmussen & Anders Pedersen, Denmark-based Monta provides an integrated software platform aimed at streamlining the deployment, use and management of EV charging infrastructure for businesses and operators. In addition to tracking energy usage and guiding individual drivers to charging points in Europe, the platform also enables hardware manufacturers to benchmark charge point brands, provide insights into usage and performance, and speed up troubleshooting and maintenance time, and EV drivers to charge on more than 600,000 charge points across Europe.
Monta said that it increased its annual recurring revenue by 600% last year, nearly doubled its headcount, and opened two new markets in Paris and Barcelona. The company has also added several new strategic partners including Siemens, EGG, Rolec and Uno-X, which use the platform to manage their fleets, home and work charging needs.
With the new financing, Monta has now raised €130 million over the past 3 years. The company said that it will use the new funding to double its team size, continue to invest in product R&D and expand its partner network.
Casper Rasmussen, CEO and Founder of Monta said:
“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. 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.”
The financing round was co-led by Energize Capital, 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.
Juan Muldoon, Partner at Energize Capital and a member of Monta’s Board of Directors, said:
“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. With a business model that touches participants across the EV ecosystem to connect the dots and enable scale, Monta is that solution.”