We last covered EV charging platform Ampeco in 2023 when it raised a Series A round of $13 million. Today it’s raised $26 million in a Series B funding led by Revaia, a growth equity investment fund. That takes its total funding to $42 million.
Many EV charging systems are end-to-end solutions which makes them pretty rigid. But OEMs need to compete, such as with Tesla, while differentiating themselves, requiring flexibility. Ampeco provides OEMs with a charging network that can mix and match from hardware partners, leaving them to focus resources on other customer experiences or services, for example.
The global EV market is on a tear. Electric car sales are projected to reach over 30 million by 2030. That means the world will need approximately 40 million public charging points by 2030, equating to $500 billion investment in charging infrastructure.
Originally hailing from Sofia, Bulgaria, but now with operations across Europe, Ampeco now boasts 160 clients across 60 markets, 120,000 charging stations, and clients such as EON Drive Infrastructure, ChargeGuru, Zeplug, INDIGO, and EV Edge. Key market include Western Europe, Scandinavia, the UK, North America, and Southeast Asia.
So what’s changed to get them to this point?
Orlin Radev, CEO of AMPECO, told TechCrunch that since January 2023 they had gone from 62,000 charging points to over 120,000, while another 100,000 are on the way: “But the real story isn’t just in numbers – it’s in who’s choosing us. Major utilities like EON Drive Infrastructure are running 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 who initially built their own software are now migrating to our platform to manage the growing complexity of EV charging operations,” added Radev.
But what happens if their strategy goes wrong? What is the Plan B?
“The question isn’t about having a Plan B—it’s about the fundamental shift happening in EV charging infrastructure,” he said. “The industry is moving from fragmented, local operations to sophisticated, multi-market businesses that require enterprise-grade software solutions… Our platform approach means we’re not betting on any single market trend or technology.”
The EV charging market consolidated significantly last year. The traditional competitors – Driivz, GreenFlux, and EVConnect – have been acquired by larger corporations (Vontier, DKV, and Schneider Electric, respectively).
The other two players to watch in this space are Monta (which has raised €130M million) out of Denmark and EV Energy ($87.8 million) out of the U.K. Monta recently teamed up with Tesla for fleet charging, partnered with Emobi and announced its entry into the United States with the opening of its US headquarters in Miami.
Morgan Kessous, Partner at Revaia said in a statement it was attracted by Ampeco’s “customization, scalability, and seamless integration with third-party systems.”
Also participating in the round were existing investors Cavalry Ventures, BMW iVentures, and Launchhub.