Danish firm Monta, which develops software solutions for the electric vehicle charging industry, has raised 80 million euros 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 increased its annual recurring revenue by 600%, opened two new markets including new offices in Paris and Barcelona, and nearly doubled its employee headcount. This growth has been supported by the addition of several new strategic partners including Siemens, EGG, Rolec and Uno-X, which rely on Monta’s platform to manage their fleets, home and work charging needs in addition to leveraging the company’s extensive roaming network of more than 600,000 charge points. Combined with hitting targets 14 months in a row, investors have been keen to empower Monta to continue its momentum.