Monta, an operating platform powering the EV charging ecosystem, has revealed UK growth plans following an €80 million Series B funding round.
The company is headquartered in Denmark with offices around Europe, including London, where it employs 10 staff in sales, marketing, finance and customer support roles.
Monta’s platform serves hardware manufacturers, operators, businesses and EV drivers with one integrated software solution.
Alok Dubey, regional director for Western Europe at Monta, told BusinessCloud that it plans to double this headcount while growing the number of charge points in the UK by 80% and annual recurring revenue generated here by 130%..
He declined to reveal how many charge points the company has installed in the UK to date.
“Ultimately, as demand for EVs increases, it is crucial that the UK’s EV charge point infrastructure is up to scratch,” he said.
“Our UK team, which is set to double in 2024, has already secured strong partnerships with market leaders like Rolec, Egg, and SyncEV, as well as forging high-profile fleet partnerships with the likes of IKEA, Hived, and Stuart Delivery to help them to decarbonise their fleets.
“We will continue to build new partnerships with public and private sector organisations to support the UK’s EV transition.”
EV drivers can use Monta’s software to charge on 600,000+ charge points across the UK and Europe. The firm currently drives a million monthly charging sessions.
In 2023 it increased its annual recurring revenue by 600%, opened two new markets including new offices in Paris and Barcelona, and nearly doubled its employee headcount.
Energize Capital led the latest round with participation from returning investors Headline, byFounders, AENU and Creandum. New investors include GreenPoint Partners, Quantum Light and Denmark’s state-backed Export and Investment Fund.
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Casper Rasmussen, CEO and founder, added: “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.”
Dubey continued: “This additional funding gives us the ability to continue helping our UK partners to make EV driving more accessible and easy to adopt. Transport accounts for around 26% of the UK’s carbon emissions, so decarbonising our transport sector is integral in helping the UK meet climate goals
“When you consider that as of the end of December 2023, there were approximately 975,000 fully electric cars on UK roads and almost 315,000 battery-electric cars were registered in 2023, a growth of 18% on the number registered in 2022, it’s clear that there is an urgent need for the UK to open up a larger, more accessible network of EV charge points.”