Finland-based Virta Ltd, a global leader in the fast-growing Electric Vehicle charging platforms industry(1), has secured new €85M growth funding. The funding round has been among the biggest in the sector in recent years.
The sum consists of €65M equity investment from Virta’s existing investors, led by the private equity firm Jolt Capital, and co-invested by Future Energy Ventures backed by E.ON., Helen Ventures, Vertex Growth Fund, Finnish Industry Investment, Lahti Energy, Vantaa Energy, and Kotka Energy. Twenty million euros will be received from Business Finland, which offers innovation funding for companies and research organizations.
Over 1 000 professional EV charging businesses in 35 countries run their EV charging services on the Virta platform. Together, these charging network operators constitute one of the biggest public networks in Europe. Including roaming, the network enables EV drivers with access to over 350 000 charging points.
Virta and EV charging industry are heading to the era of green hypergrowth
Virta’s growth has continuously surpassed the industry average, and in 2022, Virta Group’s annual revenue grew 112% to €39M (preliminary figures). As a result, Virta was ranked on the Financial Times 1000 Europe’s Fastest Growing Companies list for the fourth time in a row in 2023. With the fresh funding, Virta aims to grow its charging transactions by more than fivefold in Europe and the Asia-Pacific region by 2025.
(1) Estimated number of charging points in Europe in 2025 compared to 2021 +475% from 0,4 million to 2,3 million and 7,9 million in 2030. Sources: ACEA, ICCT, IEA, BNEF, DNV 2030 estimates.
Read full news story on Virta.global site
The picture is from the Virta website news on the subject