Ampeco says the funding will now be used to drive further expansion into North America with a local presence whilst also growing its engineering and product innovation teams.
The company counts the US and UK as its two biggest markets, followed by Western Europe.
In addition to Silicon Valley-based BMW i Ventures, the Series A round also includes Launchub Ventures and Cavalry Ventures as well as a handful of angel investors. BMW i Ventures was also an early investor in EV charging companies Chargepoint and Chargemaster (acquired by BP).
Ampeco says it offers a complete solution to EV charging providers that covers all use cases, including public, business, fleet, and residential charging. It adds that ther solution is an open platform that allows its customers to manage chargers at scale and freely choose the hardware partners they want to work with while providing an outstanding experience for EV drivers under their own brand.
The company's software platform offers charging network operators full ownership of their business, including complete control over customer relations, partnerships, and payment flows. Ampeco says this is highly valuable for large-scale EV charging providers like energy or oil and gas companies, who recognise these as core assets of their business. AMPECO's solution seamlessly integrates with smart meters, building management systems, and renewable energy sources to maximise efficiency.
In four years of existence, Ampeco has built a global footprint and a presence both in Europe and North America, with over 120 customers in more than 45 markets, representing over 62,000 charging points. It has seen sales rapidly grow over the last year, with a 4x revenue growth YoY, while its team has doubled in size in the same period to over 80 people.
In addition to expanding the engineering and product innovation teams, the funding will be used to accelerate Ampeco’s position in North America with on-site local teams created there as well as in the UK, France, and Germany.
In October 2022, the company was globally recognised by Frost & Sullivan for its superior technological innovation and strategic development with the 2022 Global Product Leadership Award. This industry recognition, combined with AMPECO’s track record of success and the Series A funding, puts the company in an excellent position to grow its base in the US and become the platform of choice for large-scale EV charging providers.
Ampeco CEO Orlin Radev comments: “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."
“We are thrilled to have BMW i Ventures on board in this round to now expand our reach even further. This investment will help make AMPECO the backbone of charging network operators - enabling them to monetise their networks will, in turn, help them move faster to deploy their infrastructure, ultimately making EV viable for more drivers everywhere.”
Baris Guzel, partner at BMW i Ventures, commented: “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 are convinced that the Ampeco team has the potential to truly lead the space, and we could not be more excited to join their journey."
