Electric vehicle (EV) charging platform Ampeco has raised $26 million in a Series B funding round led by growth equity investment fund Revaia, bringing its total funding to $42 million. This investment comes on the heels of its $13 million Series A round in 2023, demonstrating the company's rapid growth and the increasing demand for EV charging infrastructure.

The global EV market is experiencing unprecedented growth, with electric car sales projected to reach over 30 million by 2030. To support this growth, the world will need approximately 40 million public charging points by 2030, requiring a staggering $500 billion investment in charging infrastructure. Ampeco's flexible charging platform is well-positioned to capitalize on this trend, providing original equipment manufacturers (OEMs) with a customizable solution that can be mixed and matched with hardware partners.

Ampeco's platform approach allows OEMs to focus on other customer experiences and services, differentiating themselves in a competitive market. The company has seen significant growth since January 2023, increasing its charging points from 62,000 to over 120,000, with an additional 100,000 on the way. Major utilities like EON Drive Infrastructure are now running their networks across 11 European countries on Ampeco's platform.

In response to the growing complexity of EV charging operations, Ampeco has taken an API-first approach and launched a developer portal, enabling large-scale operators to build custom solutions on top of its platform. This shift has attracted companies that initially built their own software to migrate to Ampeco's platform, according to CEO Orlin Radev.

Radev emphasized that Ampeco's strategy is not dependent on a single market trend or technology, but rather on the fundamental shift towards sophisticated, multi-market businesses that require enterprise-grade software solutions. This approach mitigates the risk of a single point of failure and positions the company for long-term success.

The EV charging market has undergone significant consolidation in recent years, with traditional competitors like Driivz, GreenFlux, and EVConnect being acquired by larger corporations. Ampeco's competitors, Monta and EV Energy, have also raised substantial funding, with Monta recently partnering with Tesla for fleet charging and expanding into the United States.

Morgan Kessous, Partner at Revaia, highlighted Ampeco's "customization, scalability, and seamless integration with third-party systems" as key attractions for the investment fund. Existing investors Cavalry Ventures, BMW iVentures, and Launchhub also participated in the round.

As the global EV market continues to accelerate, Ampeco's flexible charging platform is poised to play a critical role in supporting OEMs and utilities in their efforts to meet the growing demand for EV charging infrastructure. With its latest funding round, Ampeco is well-positioned to drive innovation and growth in the EV charging space.