Monta, a Copenhagen-based startup building an operating platform for EV ecosystem players, has today announced the close of its Series B round at €80 million. Now having accumulated €130 million since late 2020, the startup intends to invest further in R&D alongside expanding its partner network.
The Series B round was co-led by Chicago-based Energize Capital, GreenPoint Partners, and Denmark’s state-backed Export and Investment Fund and drew the participation of existing investors Headline, byFounders, AENU and Creandum alongside new investor, Quantum Light.
Like many an EV driver, Monta was born from co-founders, and EV drivers, Anders Pedersen and Casper Holzmann Rasmussen’s frustration with the lack of availability of universal charging points. This applies to numerous urban areas; venture outside well-established city limits, and the options thin out considerably.
While no means alone in the sector, Paua, Ionity, ChargePoint, and so on, Monta says that it’s winning the land grab, becoming the go-to choice for businesses and operators in the EV sector thanks to its ease of use and simple deployment and management.
“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 …”
Now counting some 600,000 charge points across its network, 2023 saw Monta increase its ARR by 600 per cent, open offices in Paris and Barcelona, and strike partnership deals with the likes of Siemens, EGG, Rolec and Uno-X.
Co-lead investor Energize Capital’s Juan Muldoon shared:
“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. 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.”
Lead image via Monta. Photo: Uncredited.