Energize is proud to co-lead the €80 million Series B investment in Monta, marking our second investment in the software platform powering the electric vehicle (EV) charging ecosystem. We co-led the round with GreenPoint Partners and Denmark's state-backed Export and Investment Fund. The Series B also included participation from returning investors Headline, byFounders, AENU and Creandum and new investor Quantum Light. Energize’s Juan Muldoon maintains his position as a board director for Monta.
We’re excited to put this latest funding towards supporting Monta in solidifying their leading market position and strengthening their global presence.
When we first invested in Monta in 2022, we were bullish on the EV market and the role that software could play in enabling its scale. We believed, and continue to believe, the intersection of the energy and transportation sectors is one of the most important areas of the sustainability transition. Yet in the time since our first investment, we have seen demand and growth within the EV market that has surpassed our bold expectations. The market for EV charge point installations grew 40% from 2022 to 2023, and that pace is expected to continue through 2030. According to Energize’s proprietary EV charging research, the global EV charging market will be roughly $217 billion by 2030, with $11 billion dedicated to software. This market sizing takes into account the inevitable headwinds the industry might face, such as the headline risks and regulatory swings we’re seeing pan out today. Despite near-term challenges, the growth trajectory for the EV market remains durable in the long-term outlook. And regardless of the macroeconomic trends, software platforms like Monta are in a position of strength: lower capital intensity, less sensitivity to interest rates, and faster deployment cycles paired with a hardware-agnostic business model contribute to Monta’s enduring growth.
Monta is solidifying its position as the leader in EV charging operations software. Based on our team’s research, Monta is the fastest-growing software startup at its scale in the EV market. In 2023 alone, Monta:
- Increased its annual recurring revenue (ARR) by 600%.
- Tapped seven new markets and opened new offices in Paris and Barcelona.
We see Monta as a powerful enabling layer accelerating the generational shift to electric mobility. We’re confident in Monta’s ability to continue widening their leadership position due to the quality of their software platform and its multi-faceted nature. The company’s core product – a hardware-agnostic software layer for managing the installation, operations and maintenance of EV charge points – is designed to grow alongside the EV market. The platform serves as a touchpoint for players across the EV charging value chain, from drivers and charge point installers to site owners and fleet managers. Partners can leverage Monta’s extensive roaming network of more than 600,000 charge points and gain access to smart features by user type such as locating nearby charging stations, controlling charge point access, and facilitating payments. In this way, Monta’s platform helps deliver the modern and streamlined charging experience that users expect. As EV charging infrastructure expands to keep pace with rising demand, we believe Monta has the ability to own the nascent category of EV charging operations management.
This latest round of funding will help Monta continue to double down on their existing focuses and ecosystem strategy, enabling them to further enhance their product through R&D and grow their partner network across markets. They also plan to prioritize geographic expansion by solidifying their position in key markets such as Germany and the UK while branching into new locations, including the US – a move the company has been building towards throughout our tenure with them.
Congratulations to CEO Casper Rasmussen and the full Monta team. We’re thrilled to continue to work together to help electrify the mobility sector!