Monta, the Danish-headquartered EV Charging platform with operations across Europe, has raised an additional €80 million in a Series B funding round. The round was led by Energize Capital. Energize Capital also participated in the Series A round that raised €30 million at the end of 2022. The other participants in the round included existing investors: Headline, byFounders, AENU and Creandum. They were joined by new investors that included GreenPoint Partners, Quantum Light and Denmark’s state-backed Export and Investment Fund.
Where will the funding go?
The firm will use the funds to continue investing in R&D and to expand its partner network further. In 2023, Monta’s growth was fuelled by new partnerships with Rolec EV, KEBA, and Egg in the UK and one with UNO-X in Denmark. It also partnered with Siemens to provide e-mobility services for its corporate fleet and facilities management.
Casper Rasmussen, CEO and Founder of Monta, said, “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.
“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 democratising mobility electrification.”
Targeting the European Market, especially the UK
The firm now has over 180,000 users and 660 partners and, in November 2023 launched in Spain, opening its fifth and sixth European offices (Paris and Barcelona). The firm now operates in 20 markets. Monta will also use the funds to invest heavily in the UK, doubling the headcount. It is aiming to achieve an 80% growth in connected charge points in the UK. Monta also aims to increase its UK annual recurring revenue by 130% in 2024.
It is estimated that by the end of December 2023, there will be around 975,000 fully electric cars on UK roads. In 2023 it is estimated that there were 315 battery-electric cars registered, up 18% from the previous year. In December 2023, 19.7% of all new car registrations were electric cars, with 27,841 new electric cars registered.
New regulations coming into force are starting to have an impact. From 1 January, 22% of each manufacturer’s new vehicle registrations must be zero emission. However, while by 2030, the UK Government expects the vast majority of cars on the road to be electric. It has pushed back the ban on selling petrol and diesel cars to 2035.
The majority, 54% of UK car buyers, are now considering the purchase of an electric vehicle. That is up from 49% in 2022. As the UK shifts towards EVs, Monta is well-placed to become a dominant player in the charging market.
What about the US?
There was, however, no mention of expansion into the US. Monta appointed Tyler John as its Chief Revenue Officer at the start of last year. At the time it stated an intent for “preparing the company for further expansion into North America.” However, US backed Energize will no doubt have been happy with the six times growth and how the company is already expanding in its home region.
Looking forward
As a hardware-agnostic charging platform, Monta is growing rapidly. The company now has over 600,000 charging points on its network. It is no wonder that Energize Capital is funding its future growth.
Juan Muldoon, Partner at Energize Capital and a member of Monta’s board of directors, commented, “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.”
He continued, “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.”
Enterprise Times: What does this mean
While Muldoon estimates the growth of EV charging points at 40%, that might be conservative. MarketandMarkets estimated that the global EV Charging Station market was valued at $11.9 billion in 2022. It could reach $76.9 billion by 2027, at a CAGR of 45%. The opportunity is huge. Monta is aiming to capture a substantial share of that market, competing against leaders such as Tesla, Shell and ABB.
With the backing of Energize, can Monta grow fast enough? Or, will a larger competitor come in and acquire the promising startup as it bedins to scale up its operations?
