AMPECO, a software platform for electric vehicle (EV) charging providers, raised a total of $16 million in venture capital investment after closing a Series A funding round of $13 million led by BMW i Ventures.
The funding will be used to expand further into the North American market with on-site local teams there and in the UK, France, and Germany.
The round also included investments from Launchub Ventures and Cavalry Ventures, who had recently participated in the AMPECO’s $3 million seed round.
AMPECO offers a complete solution to EV charging providers that cover all use cases, including public, business, fleet, and residential charging. The platform allows customers such as utility companies and charging point operators to manage a growing number of charging stations and maintain complete control over the customer relationship.
Through an API-driven approach, the company’s platform enables B2B customers to integrate with existing systems, build custom features and offer additional functionalities such as load management, billing, roaming, and payments.
The company’s product development team and business operations reside in Sofia, Bulgaria, and it claims to have around 120 customers in more than 45 markets, representing over 62,000 charging points.
“There is an incredible opportunity for EV charging providers to build and scale a profitable business using innovative technologies. This is exactly what AMPECO offers – we give them the flexibility to use our software platform by integrating it closely with their existing systems and providing them with complete control of their business, from customer relationships to payment flows,” said Orlin Radev, CEO, AMPECO.
Baris Guzel, Partner, BMW i Ventures, said, “As EV sales are proliferating, access to EV charging infrastructure becomes more critical than ever. AMPECO’s hardware-agnostic and comprehensive software solution enables clients to launch and grow their own EV charging networks quickly. We have no doubt they could unlock the true potential of EV charging globally as more providers deploy their proven solution.”
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion raised in 35 deals in 2021.