Monta closes 80 million euros Series B to accelerate EV charging infrastructure deployment from Barcelona

Business Investments · Tech & Digital Transformation

30 Jan 2024

Danish company Monta recently opened a hub in Barcelona and has plans to accelerate its implementation in Spain this year with a 270% increase in its workforce.

In a significant move towards advancing the electrification of mobility, Monta, the Danish operational platform at the forefront of the EV charging ecosystem, has successfully concluded an €80 million Series B funding round. This latest round elevates Monta's total funding to €130 million in three years.

In 2023, Monta achieved remarkable milestones, including a 600% increase in annual recurring revenue, opening two new markets, a hub in Barcelona and an office in Paris, and nearly doubling its headcount. Strategic partnerships with industry giants such as Siemens, EGG, Rolec, and Uno-X have contributed to this success. These partners rely on Monta's integrated software solution to manage their fleets and charging needs at home and work, leveraging the company's extensive mobile network comprising over 600,000 charging points, including 6,400 in Spain.

"This financing round is very good news for Monta in Spain", explains Daniel Schwedhelm, Monta's Commercial Director in Spain. "It will enable us to expand our local team as well as our center in Barcelona and to achieve our goal of becoming the market leader in the country by 2025. We are already in discussions with relevant local partners who want to work with us, allowing us to consolidate our growth in the country. This decisive step will allow us to fulfill our mission to revolutionize the electric vehicle charging ecosystem and contribute to decarbonizing the Spanish economy", concludes Daniel Schwedhelm.

“It will enable us to expand our local team as well as our center in Barcelona and to achieve our goal of becoming the market leader in the country by 2025”

Daniel Schwedhelm, Monta's Commercial Director in Spain

Barcelona, a hotspot for Monta's innovation

Expanding its footprint in Spain, Monta recently established a hub in Barcelona, positioning the city as a key launchpad for its operations. Demonstrating its commitment to the Spanish market, Monta will see a 270% increase in headcount, with a portion of the newly secured funds specifically earmarked to strengthen its operations.

Monta's choice of Barcelona as the location for its European hub is a strategic decision driven by the city's reputation as the 4th most innovative city in Europe. In addition to its innovation capabilities, Barcelona offers state-of-the-art laboratories and testing facilities, particularly in the field of connected and electric self-driving vehicles.

For a comprehensive overview of the connected vehicle sector in Catalonia, you can explore the Catalonia Industry Suppliers database, which showcases the region's contributions to this dynamic industry.

Beyond its technological appeal, Barcelona's cosmopolitan atmosphere is a magnet for entrepreneurs worldwide. Ranked the second most popular city in Europe to launch a startup, Barcelona boasts top universities, prestigious MBA programs, and a robust network of technology centers. This combination cultivates a pool of highly skilled professionals, both local and international, perfectly aligned with the needs of the connected vehicle industry.

The city's prominence in digitalization is evident in the fact that leading OEMs and tier-one companies have established their digital hubs and innovation labs in Catalonia. SEAT's digital hub, SEAT:CODE, is a notable example - a software development center designed to drive breakthrough mobility solutions.

Monta continues to be a driving force in the development of the electric and connected vehicle sector, and Barcelona serves as a beacon for innovation and growth in this dynamic industry.

Source: Monta and Catalonia Trade & Investment

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