Monta secures €80 million to fuel EV charging expansion

  • Monta Series B funding hits €80M, totaling €130M in three years.
  • The investment targets workforce expansion, R&D, and partner network growth for EV adoption.
  • Goals include an 80% increase in UK charge points and a 130% rise in 2024 revenue.

Monta’s €80M Series B Boost: Accelerating EV Adoption and Charging Infrastructure Growth

EV charging leader, Monta, has secured a noteworthy €80 million in its recent Series B funding round. This marks a substantial leap in its total funding to €130 million in just three years. Energize Capital spearheaded the round, joined by existing investors like Headline, byFounders, AENU, Creandum. These came alongside new players such as GreenPoint Partners, Quantum Light, and Denmark’s Export and Investment Fund.

This injection of funds will fuel Monta’s strategic initiatives, focusing on expansion and innovation. The London-based company is eyeing an augmentation of its UK workforce. The main areas of focus are research and development and the broadening of its partner network. All these efforts will catalyse the broader adoption of electric vehicles (EVs).

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Since its inception in 2020, Monta has been a catalyst in simplifying the complexities of EV charging infrastructure. The integrated software solution offered by Monta serves a diverse clientele, including hardware manufacturers, operators, businesses, and EV drivers. The recent funding injection will be instrumental in realizing ambitious targets. These include an 80% surge in connected charge points within the UK and a substantial 130% boost in annual recurring revenue for the year 2024.

Casper Rasmussen, CEO and founder of Monta, commented: 

“EVs and charging infrastructure are a cornerstone of the global shift towards decentralised electrification, and Monta’s software platform is the backbone enabling this critical transition in energy and mobility.

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, and we’re thrilled for the support from Energize and all our investors to help us further our mission of democratising mobility electrification.”

In the fiscal year 2023, Monta achieved remarkable milestones. The company witnessed a 600% surge in annual recurring revenue, venturing into new markets, and nearly doubling its workforce. Strategic collaborations with industry titans like Siemens, EGG, Rolec, and Uno-X have further solidified Monta’s standing as a sector leader.

Juan Muldoon, partner at Energize Capital and a member of Monta’s board of directors:

“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. We are thrilled to double down on our investment in Monta and continue partnering with their team to accelerate the transition to electric mobility.”

Monta’s strategic allocation of funds will prioritise reinforcing its ecosystem strategy. As we rapidly turn to emobility, Monta aims to play a pivotal role in empowering operators and EV drivers. The company will offer heightened control over energy consumption in the rapidly transforming landscape of electrified transportation.

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