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BMW I Ventures leads $13M investment in this Bulgarian EV charging startup

Photo Credit: Ampeco

The systems for managing electric vehicle charging, billing, energy, drivers, and even fleets are typically end-to-end. As a result, EV charging service providers can maximise the revenue from their business.

On a similar note, Ampeco, a white-label EV charging management software company based in Sofia, has raised a $13M Series-A capital investment led by BMW I Ventures, with participation from Cavalry Ventures, Launchub Ventures, and a number of undisclosed angel investors. The total amount of funding for Ampeco has now increased to $16M.

The funding will be used to accelerate Ampeco’s position in North America with on-site local teams established there as well as in the UK, France, and Germany, in addition to growing the engineering and product innovation teams.

Founded in 2018 by Orlin Radev, Alexander Alexiev and Stefan Ivanov, Ampeco provides EV charging providers with a service that addresses the needs of residential, commercial, and public fleets. Instead of being bound to a single hardware provider, the platform’s goal is to let customers manage chargers at scale and then pick and choose/mix and match from hardware partners. In addition, it is compatible with building management systems, smart meters, and renewable energy sources.

Even though Ampeco has operated largely under the radar until now, BMW I Ventures’ support is a strong sign that the company believes in the Bulgarians’ offerings. BMW I Ventures also backed Chargepoint, which is listed on the NYSE, and Chargemaster, which was acquired by BP last year.

Large-scale EV charging providers

According to Ampeco, they operate about 62,000 charging points while collaborating with over 120 customers across more than 45 markets. In this way, the company reports a staffing count that has doubled to a substantial 80 people over the course of 2022, and a revenue growth that is 4 times year over year.

Orlin Radev, CEO, AMPECO said, “There is an incredible opportunity for EV charging providers to build and scale a profitable business using innovative technologies. 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.”

“We are thrilled to have BMW i Ventures on board in this round to now expand our reach even further. This investment will help make AMPECO the backbone of charging network operators – enabling them to monetize their networks will, in turn, help them move faster to deploy their infrastructure, ultimately making EV viable for more drivers everywhere.”

Baris Guzel, Partner, BMW i Ventures, said, “As EV sales are proliferating, access to EV charging infrastructure becomes more critical than ever. AMPECO’s hardware-agnostic and comprehensive software solution enables clients to launch and grow their own EV charging networks quickly. We are convinced that the AMPECO team has the potential to truly lead the space, and we could not be more excited to join their journey. We have no doubt they could unlock the true potential of EV charging globally as more providers deploy their proven solution.”

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