Danish electric vehicle (EV) charging firm Monta has raised €15 million (£12.5 million) in a Series A funding round to support its expansion into two new European countries.
The funds will also see Monta double its employee count and grow its position in five active markets, with the company having launched in the UK in August 2021.
The funding round was led by early-stage venture capital firm Creandum, with what Monta described as “significant” investment also coming from venture capital firm Headline. It takes the total raised by Monta to €20 million since the company was founded just over a year ago, having previously raised €5 million in pre-seed and seed rounds.
“For too long the EV ecosystem has been dominated by old-school players like electricity companies, hardware manufactures and charge point operators,” Casper Rasmussen, CEO and co-founder of Monta, said.
“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.
Monta has developed a product for both EV drivers and chargepoint owners, with its chargepoint management system providing chargepoint owners with a solution to attract users and manage chargepoint use, pricing, access and transactions.
Meanwhile, Monta also provides reservation, virtual queueing and payment features to EV drivers.
Its virtual queueing feature was launched in October, allowing drivers to join virtual queues at one or more charging sites and get instantly notified when a chargepoint becomes available, with an aim of reducing the chance of vehicles running out of power while making long journeys.
