Monta secures more funding to accelerate EV fleet adoption

EV charging operating platform Monta has announced it has secured more funding, which it will use to expand the business and help more fleets to decarbonise.

The company, founded in late 2020, closed an 80M€ Series B round, bringing the total funding to 130M€ in just three years.

New investors include GreenPoint Partners, Quantum Light and Denmark’s state-backed Export and Investment Fund. They join returning investors include Headline, byFounders, AENU and Creandum.

This latest funding will go towards helping businesses to decarbonise their fleets, doubling its UK headcount as Monta pursues 80% growth in connected charge points in the UK and increasing its UK annual recurring revenue by 130% in 2024.

Since the company’s latest financing in September 2022, Monta has secured several high-profile fleet partnerships including IKEA, Hived, and Stuart Delivery. These partners all use Monta’s service to manage their fleets, home and work charging needs as well as Monta’s extensive roaming network consisting of 600,000+ charge points.

Monta’s platform allows fleet drivers to charge their vehicles without worrying about complicated billing or expense processes, drivers can also queue or reserve at company charge points to maximise charge point usage. Companies can also monitor and analyse their charging data to understand the impact of their electrification.

Alok Dubey, Regional Director for Western Europe at Monta, commented, “We’re elated that businesses trust Monta to power their fleets and help make their decarbonisation goals easier to achieve. This additional funding gives us the ability to continue investing in our fleet-focused solutions and provide even more tools that will make charging company vehicles easier.

Electrifying their fleet is a necessary step for companies looking to decarbonise their operations.”

“The UK aims to stop the sale of new ICE vehicles by 2035, and as a result, businesses need to start transitioning their company vehicles to ZEV as soon as possible,” added Dubey.

Looking further ahead, Monta wants to expand its product services to new sectors including light, medium and heavy-duty vehicles where the company plans to invest 2M EUR to develop an HDV market-leading offering to support the truck industry to seamlessly navigate the transition from ICE vehicles to EVs.

This follows the EU’s ambition of reducing emissions from heavy-duty vehicles sold from 2023 by 45% compared to 2019 and by 90% in 2040.

“According to BEIS, heavy-duty vehicles account for around 18% of greenhouse gas emissions in the UK, so decarbonising this industry could make a huge dent in the UK’s overall carbon emissions.

While there are many challenges surrounding the electrification of HDVs, we’re confident that Monta’s software-focused solutions will make the future of charging HDVs a reality,” concluded Dubey.