Monta, a Copenhagen-based all-in-one EV charging management platform, has secured an additional €30M as part of a Series A+ round led by Energize Ventures.
Existing investors, including Creandum, Pale Blue Dot, byFounders, and Headline, participated. The recent funding brings Monta’s total to €50M. Earlier this year, London-based Bonnet, which also aims to simplify charging solution got $5.5M.
How will the funding be used?
The company will use the investment to open up new markets, including North America while consolidating its position in Scandinavia, the UK, and Germany. The Danish company will also ramp up its product innovations and develop critical features to help EV drivers and charge point owners seamlessly navigate the industry.
Also, Monta seeks to expand its product development to include grid management services. The company expects to facilitate the sale of excess power back to the grid (V2G), manage interoperability with other zero-carbon technologies (V2H, V2X), and aid in creating local energy markets.
The company claims that the deal is expected to close later this year, subject to regulatory approval.
“We are aiming to fully digitalise the EV ecosystem to tackle all the immediate challenges within the industry and build toward a more transparent and flexible future. By partnering with hardware OEMs, we can deliver new features straight out of the box, like our new feature that allows operators to set a percentage on top of the spot price in order to follow the market fluctuations and automatically offer a fair price for charging, ” says Casper Rasmussen, Monta CEO. “The investment from Energize and our returning investors is a strong vote of confidence in our vision, team, and software as the cornerstone of the mobility infrastructure of the future.”
Simplifies and streamlines deployment
While 2021 European EV sales increased by more than 65% compared to 2020, the lack of EV charging infrastructure is still one of the biggest hurdles to mass adoption. Here’s where UK’s Monta comes and fills the gap.
Founded by Anders Pedersen & Casper Rasmussen in 2020, Monta is delivering an all-in-one EV charging platform that simplifies and streamlines the deployment, use, and management of EV charging infrastructure.
Through its platform, charge point owners have full visibility into charge point use, pricing, access, and transactions.
For EV drivers, Monta provides reservation, virtual queuing, and payment features under one platform and access to public charge points.
Currently, the company’s EV charging management platform is used by notable utility, aviation, and transportation industry companies such as Vestas, CPH Airport, and PostNord.
Since its financing in January 2022, Monta has secured strategic partnerships with hardware manufacturers to launch its Powered by Monta (PBM) program in multiple markets.
Key partners include Garo, CTEK, ABB, and Autel, which each boast a range of charge points in Europe, and Zaptec, which recently launched Zaptec Park, a co-branded app for its users.
“The ability to take advantage of these new opportunities requires changes in information flows among grid devices as well as innovations in communication and coordination tools that increase the observability, predictability, and controllability of the grid. The societal impact and environmental potential of these technologies are massive. Monta is at the forefront of developing the systems needed to monitor and reward this flexibility to create an equitable energy solution for all EV drivers,” says Casper Rasmussen.
Energize Ventures is a leading global alternative investment manager focused on accelerating digital transformation in energy and sustainability.
“The market penetration of electric vehicles is climbing sharply as economic, regulatory, and climate levers accelerate EV adoption – and deployment of charging infrastructure has to keep pace. We expect more than 1.6 million public chargers and 20 million private charging stations to be deployed in the US and Europe by 2025,” says Juan Muldoon, Partner at Energize Ventures. “As the market for charge point hardware grows and commoditizes, Monta offers a software solution that enables a consistent, improved charging experience for players throughout the EV charging value chain – from installers to drivers. We’re thrilled to partner with the Monta team as they pave the way for a more scalable and sustainable EV infrastructure.”