EV charging platform developer Monta has closed a €15m (£12.5m) Series A funding round to help it expand into more territories.
Monta will also use the investment to double the employee count, expand to two new countries in Europe, and grow its position in five active markets.
The Copenhagen-based company has developed a web platform for both charge point owners and EV drivers. It is designed to provide charge point owners with a solution to attract users and manage charge point use, pricing, access, and transactions.
While for EV drivers, Monta’s app can assist with reservations, virtual queuing, and payment features under one platform.
“As an EV driver myself, I’ve experienced first-hand the pains of charging my car outside the bigger cities,” said Casper Rasmussen, CEO and co-founder of Monta.
“At one place, the charge point is out of order, at another, you need to download a specific app. Monta streamlines the charging experience for EV drivers and by offering full control to charge point owners, we are effectively expanding a sustainable EV charging network globally.”
The latest funding round was led by Creandum, an early-stage venture capital firm based in Stockholm, with investment also coming from Headline.
“Monta is the ultimate companion to any electric vehicle. By focusing on open software standards, the team is building the operation system for anyone that seeks or provides EV charging,” said Jonathan Becker, partner at Headline.
“Solving the hurdles of public charging means accelerating EV adoption: Headline supports this vision and the Monta team has the deep product experience and ability to execute it at speed.”
Since launching in 2020, Monta has raised more than €20m (£16.7m), having previously raised a total of €5m (£4.2m) in pre-seed and seed rounds.
“Our mission is to accelerate EV adoption through innovative software and services. For too long the EV ecosystem has been dominated by old-school players like electricity companies, hardware manufactures and charge point operators. As a tech company, we’re building a charging architecture free from legacy software that is ready to scale across borders and hardware. With this latest funding round, we’re one step closer to accomplishing this mission,” Rasmussen added.
