Monta, the only all-in-one electric vehicle (EV) charging management platform, announced today it has closed an additional €30 million as part of a Series A+ funding round. The company will use the funding to open up new markets, create transparency within the electricity market and digitalise the power grid infrastructure.
This funding round was led by Energize Ventures, a leading global investment manager accelerating digital innovation for energy and sustainability, with participation from returning investors Creandum, Pale Blue Dot, byFounders and Headline.
This follows the news we brought you earlier this year about Monta raising €15 million in Series A funding. This latest financing round brings Monta’s total to €50 million.
While 2021 European EV sales increased by more than 65 percent compared to 2020, the lack of EV charging infrastructure is still one of the biggest hurdles to mass adoption.
An estimated 3,000 new public charge points need to be built each week for Europe to reach its target of operating one million charge points by 2025. Plus, the customer experience is often hampered by a highly fragmented ecosystem of charge point operators and owners.
Led by a team of seasoned entrepreneurs with experience managing large software development organisations, Monta is delivering an all-in-one EV charging platform. This platform simplifies and streamlines the deployment, use and management of EV charging infrastructure.
Via the Monta 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 as well as access to public charge points.
Casper Rasmussen, Monta CEO, said: “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.
“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.”
Monta’s EV charging management platform is used by notable utility, aviation and transportation industry companies. These include Vestas, CPH Airport and PostNord, as well as wholesalers, who are leveraging Monta to upskill installers.
Since the company’s latest 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 and ABB which each boast a range of charge points in Europe as well as Zaptec, which recently launched Zaptec Park, a co-branded app for its users.
Juan Muldoon, Partner at Energize Ventures, said: “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.
“As the market for charge point hardware grows and commoditises, 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.”
Monta will use the additional investment to open up new markets including North America while consolidating its position in Scandinavia, the UK and Germany. All of these countries have legislation in place slated to ban internal combustion engine (ICE) vehicle sales by 2025, 2030 and 2035 respectively.
To further support the needs of the EU and the US, which has set a goal for 50 percent of its car sales to be EVs by 2030, Monta will ramp up its product innovations and develop critical features to help EV drivers and charge point owners seamlessly navigate the industry.
Looking further ahead, Monta seeks to expand its product development to include grid management services amid challenges as more EVs hit the roads. Ultimately, 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 the creation of local energy markets. Plus, the company will empower end users with ownership over their energy consumption.
Rasmussen added: “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,” said Casper Rasmussen.
The deal is expected to close later this year, subject to regulatory approval.