Danish EV charger software provider Monta raises $87mln

LONDON (Reuters) - Danish firm Monta, which develops software solutions for the electric vehicle charging industry, said on Tuesday that it has raised 80 million euros ($87 million) to increase research and development spending and expand its partner network.

The Series B funding round was led by software investor Energize Capital and investment management firm GreenPoint Partners. The Copenhagen-based company has now raised a total of 130 million euros since its founding in 2020.

Monta runs apps and operations for networks for EV charging systems that are used by hardware manufacturers, charging network operators, businesses and EV drivers using a single integrated software solution.

The company is one of a handful that have sprung up to handle the complexities of running EV charging software and apps for networks that would likely struggle with the expense of developing their own systems.

In 2023 Monta added some new strategic partners including Siemens and said that its annual recurring revenue grew 600%, though it did not provide specific numbers.

The company said that EV drivers can use Monta's software to charge on over 600,000 charge points across Europe.

($1 = 0.9184 euros)

(Reporting by Nick Carey; Editing by Susan Fenton)

By Nick Carey