Monta, the Denmark-based EV charging platform provider, has announced the successful closure of its €80 million Series B funding round, bringing its total funding to €130 million in just three years. This significant investment round, co-led by Energize Capital and GreenPoint Partners, demonstrates strong investor confidence in Monta’s ability to accelerate the electrification of mobility. Moreover, the Series B also included participation from returning investors Headline, byFounders, AENU and Creandum and new investor, Quantum Light.
Recently, International Battery Company also secured $35M funding for setting up a gigafactory in India. Both these recent funding shows how the EV market is fast surging and is not going to stop soon. However, talking about Monta’s EV charging ecosystem, they are planning quite big with this funding.
Streamlining the EV charging ecosystem
Monta’s platform simplifies and streamlines the entire EV charging ecosystem, serving hardware manufacturers, operators, businesses, and EV drivers with one integrated software solution. It facilitates the deployment, use, and management of EV charging infrastructure for businesses and operators, while also assisting hardware manufacturers in optimising their products and offering EV drivers access to over 600,000 charge points across Europe.
Strong growth and strategic partnerships
Since its founding in 2020, Monta has experienced impressive growth, including a 600% increase in annual recurring revenue in 2023 and the opening of new offices in Paris and Barcelona. This expansion has been further fueled by partnerships with major players like Siemens, EGG, Rolec, and Uno-X, who rely on Monta’s platform for managing their charging needs and leveraging its extensive roaming network.
How is the fast changing EV market?
The global shift towards electric vehicles is gaining momentum, driven by government regulations, shifting consumer preferences, and surging EV sales. The EU, Norway, and the UK have set ambitious bans on new internal combustion engine (ICE) vehicle sales by 2035, 2025, and 2030, respectively, while the US aims for 50% of new car sales to be EVs by 2030.
Consumer sentiment is aligning with these goals, with over half of surveyed Europeans considering EVs for their next purchase. Global EV sales soared 31% in 2023 and are projected to continue growing at 25-30% in 2024.
However, this burgeoning market hinges on the timely development of accessible and affordable charging infrastructure. To meet the projected demand, over 90 million new chargers need to be installed by 2030, encompassing both private charging solutions at homes and workplaces and publicly accessible charging stations.
Monta’s platform plays a crucial role in facilitating this infrastructure build-out and ensuring a smooth transition to a sustainable electric mobility future.
Addressing a critical need
“The market for electric vehicle charge points continues to expand on an impressive trajectory,” said Juan Muldoon, partner at Energise Capital and a member of Monta’s board of directors. “Monta’s leadership in this space, combined with its exciting growth, makes it the ideal solution to manage the increasing complexity of EV charging infrastructure.”
This latest funding round will enable Monta to double its team size, invest in product research and development, and further expand its partner network. By focusing on these key areas, Monta is well-positioned to play a major role in addressing the critical need for efficient and accessible EV charging infrastructure, ultimately accelerating the transition to electric mobility and a more sustainable transportation future.
