Electric vehicle (EV) charging operating platform Monta has announced the close of its €80 million (£68.1 million) Series B funding round as it eyes 80% growth in the UK market.
Headline, byFounders, AENU and Creandum were returning investors for this round – led by Energize Capital – with new investors including include GreenPoint Partners, Quantum Light and Denmark’s state-backed Export and Investment Fund.
The latest funding round brings Monta’s total funding to €130 million (£110.7 million) over the past three years.
According to Monta, the funds raised in the latest round will support doubling its UK headcount as Monta targets 80% growth in its UK connected chargepoints, thereby increasing its revenue by 130% in 2024.
Commenting on the Series B funding round Casper Rasmussen, CEO and founder of Monta said: “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.”
According to Monta, 2023 saw it increase its recurring revenue by 600% following entering two new markets, opening offices in Paris and Barcelona and doubling its employee headcount.
“Monta will leverage this investment to double down on its successful ecosystem strategy by strengthening investments in product research and development, expanding its partner network across all markets and together with the industry creating a sustainable charging infrastructure,” added the company.
Earlier this year Monta partnered with energy optimiser GridBeyond to collaborate on technology which uses EV chargers to maintain grid stability.