Monterra, an electric vehicle (EV) charging software company, secured $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and a handful of other angel investors, including some of Monterra’s early customers.
The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Monterra is in the process of building design and proposal software for EV charging installers. The company claims that installers could save a lot of time and win more sales by using their tech to build virtual estimates. The Monterra app helps installers digitize the on-site data collection process.
“Electrifying transportation is a key pillar of decarbonization, and the demand for EVs is booming. Swiftly expanding charging infrastructure is crucial to keep up the pace of transition. In recent years, the industry has seen a lot of innovation across vehicle, battery, and charging technologies but not enough to support the installers, who are at the forefront of constructing and deploying charging stations. That’s where Monterra comes in – to help electricians, developers, and engineers work more efficiently, build faster, and grow their business,” commented David Kim, CEO and co-founder at Monterra.
In the U.S. alone, a significant number of EV chargers are needed to support 33 million EVs expected to hit the road by 2030, as per NREL research.
“With increasing consumer demand for electric vehicles, favorable regulations, and OEM commitments, the market for EV charging has been growing rapidly. We believe there is considerable opportunity to bring speed and efficiency to EV charging deployment as this market grows and expect it to play out as it has in industries like solar,” noted Rexhi Dollaku, General Partner at Base10 Partners.
According to Mercom’s recently released 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, corporate funding for smart grid companies in the first nine months (9M) 2023 was 4% higher YoY, with $2.9 billion in 48 deals compared to $2.8 billion in 35 deals in 9M 2022.
Recently, Erapid, a provider of electric vehicle (EV) charging solutions, has raised €30 million (~$32 million) from Aviva Investors, the global asset management business of Aviva.