Monta, a pioneer in the EV charging sector based in Copenhagen, has recently secured a substantial €80M in its Series B funding round. This significant financial boost is a strategic move to expand the EV charging infrastructure, elevating Monta's total investment to an impressive €130M in a mere three-year span.
The funding round witnessed a collaborative leadership by Energize Capital and GreenPoint Partners, alongside Denmark's Export and Investment Fund. Notably, the Series B funding also saw contributions from existing investors like Headline, byFounders, AENU, and Creandum and welcomed Quantum Light as a new investor.
At the heart of Monta's mission is the revolutionizing of mobility electrification. Its comprehensive EV charging platform is uniquely designed to cater to diverse stakeholders, including hardware manufacturers, operators, commercial entities, and EV drivers, offering a seamless, all-in-one software solution.
Established in 2020, Monta rapidly emerged as a central figure in the EV charging realm, simplifying and optimizing the deployment, operation, and management of EV charging infrastructures. The platform extends its capabilities to hardware manufacturers, enabling them to compare different charge point brands, gain valuable usage insights, and enhance maintenance efficiency. Furthermore, EV drivers benefit from accessing over 600,000 charging points across Europe through Monta's innovative software.
"EVs and charging infrastructure are a cornerstone of the global shift towards decentralized electrification, and Monta's software platform is the backbone enabling this critical transition in energy and mobility," said Casper Rasmussen, CEO and founder of Monta.
"Our differentiator is that we take on the entire value chain of the EV charging market – from the grid to hardware to business and drivers – with a tool that streamlines and simplifies charging operations for all participants, bridging the gap between energy providers and end users. 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 democratizing mobility electrification."
2023 marked a year of exponential growth for Monta. The company witnessed a 600% surge in its annual recurring revenue, ventured into two new markets with offices in Paris and Barcelona, and nearly doubled its workforce. This expansion was bolstered by forming strategic alliances with notable partners such as Siemens, EGG, Rolec, and Uno-X. These partnerships leverage Monta's extensive network of over 600,000 charging points, catering to diverse charging needs and promoting a comprehensive roaming network.
Monta's continuous achievement of targets for 14 consecutive months has captivated investors, fueling their eagerness to support Monta's ongoing progress.
"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," said Juan Muldoon, partner at Energize Capital and a member of Monta's board of directors.
"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."
The latest investment will be strategically utilized to reinforce Monta's thriving ecosystem approach. This includes substantial investments in product R&D, expanding its partner network, and collaborating with industry players to develop a sustainable charging infrastructure. This initiative aims to empower operators and EV drivers with greater control over energy consumption. Monta's extensive network of partners remains pivotal in driving the sustainability transformation within the mobility sector and laying the foundation for a decentralized electrification system."