EV charging platform Virta plugs into €85 million

Helsinki-based electric vehicle charging platform Virta has raised €85 million in a new funding round. Comprised of a €65 million equity investment and a €20 million grant, the company plans to grow its charging transactions by a factor of five across Europe and the APAC region by 2025. 

The €65 million in equity portion of the round was led by Jolt Capital, and saw the participation of Future Energy Ventures backed by E.ON., Helen Ventures, Vertex Growth Fund, Finnish Industry Investment, Lahti Energy, Vantaa Energy, and Kotka Energy. 

A €20 million grant was awarded to Virta via Business Finland, a governmental organisation operated by the Finnish Ministry of Employment and the Economy.

As the battle for King of the Charging Networks rages on, according to Virta, they’re the fastest-growing in the industry. Counting some 1,000 professional EV charging businesses in 35 countries operating their services via Virta’s platform, including roaming, Virta’s network offers EV drivers access to over 350,000 charging points.

Citing preliminary figures, Virta Group’s annual revenue grew 112% to €39 million in 2022, a metric that secured a listing on the Financial Times 1000 Europe’s Fastest Growing Companies list for the fourth year running.

“Today, Virta has one of the leading platform patent portfolios with a focus on energy technologies such as vehicle-to-grid (V2G), autonomous vehicle charging, and operating complex billion-scale network operations,” commented Virta CEO Jussi Palola. “With the new funding, we are now ready to take the global lead in making EVs an integral part of energy flexibility markets.”