Monta has secured €30m funding. Image: Monta
Monta recently appointed a country manager to oversee its expansion in Ireland. It plans to use its fresh funding to move into new markets.
EV charging platform Monta, which is expanding in Ireland, has secured €30m in Series A+ funding. This brings the total financing raised by the Danish start-up to €50m.
The latest funding round was led by Energize Ventures, with participation from returning investors Creandum, Pale Blue Dot, ByFounders and Headline. The deal is expected to close later this year, subject to regulatory approval.
Monta is developing a platform for EV charging services, with an app that helps to connect EV charging point owners with EV drivers.
The start-up recently announced plans to expand in Ireland. It revealed in August that it had hired a country manager, Ricky Hill, to lead Monta’s move into the Irish market.
Hill said at the time that he believed Ireland is a market with great potential for Monta and EVs more generally. The company has partnered with Irish electrical infrastructure company Core Solutions to establish 50 new EV charging points in Ireland.
It has also made a number of partnerships with other businesses operating in the EV space, with the aim of increasing its footprint in Europe.
The company will leverage the fresh investment to open up new markets including North America, while strengthening its position in Scandinavia, the UK and Germany. The company also seeks to expand its product development to include grid management services as more EVs hit the roads.
It is particularly eager to corner the EV infrastructure market. European EV sales surged by 65pc in 2021, according to last year’s International Energy Agency Global EV Outlook. However, charging infrastructure was identified as one of the major hurdles to mass adoption of EVs.
“We are aiming to fully digitalise the EV ecosystem to tackle all the immediate challenges within the industry and build toward a more transparent and flexible future,” said Monta CEO Casper Rasmussen.
He added that by partnering with hardware equipment manufacturers, the company would be able to add more new features. “The investment from Energize and our returning investors is a strong vote of confidence in our vision, team and software as the cornerstone of the mobility infrastructure of the future,” Rasmussen added.
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