BMW i Ventures pumps $13 million into Bulgaria’s EV charging management platform Ampeco

Sofia-based white-label EV charging management software platform Ampeco has received a $13 million Series-A capital injection led by BMW i Ventures, with the all-things-Bulgarian Launchub Ventures and Cavalry Ventures participating alongside a host of undisclosed angel investors. This raise now brings Ampeco’s total funding to $16 million. 

According to the company, the new volts will be used to further drive international expansion, particularly in North America, as Ampeco continues to up the engineering and product innovation team headcount.

While Ampeco has been flying relatively beneath the radar until now, the backing of BMW i Ventures is a strong vote of confidence in what the Bulgarians are slinging, as the VC firm has previously backed NYSE-listed Chargepoint and the UK’s Chargemaster which was acquired in 2018 by BP.

Over my close to two-year tenure here at Tech.eu, I’ve had the privilege of having a birds-eye view of the European tech scene, and one theme that I’ve noticed popping up time and time again is that of energy. Whether it’s the growing solar mafia in Germany (and the outliers dotted around the continent), or the proliferation of players all angling for the top spot when it comes to keeping your EV juiced up, the progression is clear: the days of burning of dead dinosaurs are numbered.

And for all the hardware blossoming across the landscape, the mentions of the software powering said devices are far and few between. Perhaps by design, but with a fresh $13 million in their pocket, Ampeco is making no bones about it, they want to be at the forefront of the hearts, minds, and volts of EV charging providers.

Offering an end-to-end white-label solution to EV charging providers, Ampeco says that it can cover all the bases including public, business, fleet, and residential charging. Through its open architecture, Ampeco customers are free to pick and choose the hardware partners and products they want to work with, all the while delivering a top-notch experience to end EV-driving consumers.

According to Ampeco, they’re working with over 120 customers in more than 45 markets, driving some 62,000 charging points. In so much, over the course of 2022, the company reports a 4x revenue growth year-over-year, and a staffing count that’s doubled to a robust 80 individuals over the same period.

Having already established a foothold in the US, the new funding round is aimed at upping, if not commanding dominance in the lucrative market. 

“There is an incredible opportunity for EV charging providers to build and scale a profitable business using innovative technologies,” said CEO Orlin Radev. “This is exactly what Ampeco offers We give them the flexibility to use our software platform by integrating it closely with their existing systems and providing them with complete control of their business, from customer relationships to payment flows.”

On the investment, LAUNCHub Ventures Partner Rumen Iliev commented, “The solution developed by Ampeco solves the reliability issues in EV charging infrastructure on a global scale, and we are thrilled with the company’s potential to confidently lead the space. We are excited to get on board a reputable investor in the EV space, in a sizable round that will accelerate the product adoption globally.”