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We recently covered an EV charging platform Ampico In 2023 when it raised a $13 million Series A round. Today, it has raised $26 million in Series B funding led by Revaia, a growth equity investment fund. This brings its total funding to $42 million.
Many electric vehicle charging systems are all-in-one solutions which makes them very rigid. But OEMs need to compete, as with Tesla, and differentiate themselves, which requires flexibility. Ampeco provides OEMs with a charging network that can mix and match from hardware partners, allowing them to focus resources on other customer experiences or services, for example.
The global electric vehicle market is On a tear. Electric vehicle sales are expected to reach more than 30 million by 2030. This means the world will need them almost 40 million public charging points by 2030, equivalent to a $500 billion investment in charging infrastructure.
Originally hailing from Sofia, Bulgaria, but now with operations across Europe, Ampeco now boasts 160 customers in 60 markets, 120,000 charging stations and customers such as EON Drive Infrastructure, ChargeGuru, Zeplug, INDIGO and EV Edge. The main market includes Western Europe, Scandinavia, the United Kingdom, North America and Southeast Asia.
So what changed to get to this point?
AMPECO CEO Aurelien Radev told TechCrunch that since January 2023, the number of charging points has risen from 62,000 to more than 120,000, while another 100,000 are on the way: “But the real story isn’t just the numbers – it’s the Who chooses us Major utilities like EON Drive Infrastructure operate their networks across 11 European countries on our platform,” he said.
The company has now taken an API-first approach and launched a developer portal, enabling large-scale operators to build custom solutions on top of its platform.
“Companies that initially built their own software are now moving to our platform to manage the increasing complexity of electric vehicle charging operations,” Radev added.
But what happens if their strategy fails? What is plan B?
“The question is not about having a backup plan,” he said, “but rather about the fundamental transformation that is happening in the electric vehicle charging infrastructure.” “The industry is moving from fragmented local operations to sophisticated, multi-market businesses that require enterprise-level software solutions… Our platform approach means we are not betting on any single market trend or technology.”
The electric vehicle charging market has consolidated significantly in the past year. Its traditional competitors – Drives, Greenflux, and EveConnect – have been acquired by larger companies (Vontier, DKV, and Schneider Electric, respectively).
Other players to watch in this space are Monta (which raised €130 million) from Denmark and EV Energy ($87.8 million) from the United Kingdom. Monta recently teamed up with Tesla for fleet charging, in partnership with iMobi and Announce It entered the United States with the opening of its headquarters in Miami.
Morgan Kessous, partner at Revaia, said in a statement that he was attracted to Ampeco’s “customization, scalability and seamless integration with third-party systems.”
Existing investors Cavalry Ventures, BMW iVentures, and Launchhub also participated in the round.
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