BMW continues its love affair with EVs, backing this Bulgarian start-up’s $13M A round

    Electric vehicle charging management systems are typically end-to-end solutions for managing EV charging operations, billing, energy, drivers and even fleets. This means EV charging service providers can optimize the monetization of their operations.

    A number of players have grown enormously in recent years. Drivz of Israel has raised $23.1 million in venture capital funding to date and was recently selected by Shell to manage its charging and smart energy management platform. Green power from the Netherlands has raised 11 million euros. Then there is Charge Lab (raised $20.4 million) from Canada, Monta (€50 million) from Denmark, and EV energy ($13.5 million) from the UK.

    Meanwhile, originally from Sofia, Bulgaria, but now with operations all over Europe Ampecoa startup that has so far failed to appear on the VC funding radar with its own management platform for electric vehicle charging.

    That changes today with the news that Ampeco raised a $13 million Series A round led by BMW iVentures, bringing its total to date to $16 million. The startup plans to use the money to drive further into North America, as well as grow the product.

    The Series A round also included Bulgarian LauncHub Ventures (which last year announced a €70 million fund, substantial for the Southeastern Europe region) and Cavalry Ventures (from Berlin), as well as a handful of angel investors.

    It’s worth remembering that BMW iVentures has form in this area, backing up a number of previous players. It was an early investor in Chargepoint (now on the NYSE) and Chargemaster (acquired by BP).

    Ampeco offers a solution for EV charger providers for the public sector, private business fleets and homes. The idea is that the platform allows customers to manage chargers at scale and then pick and choose/mix and match hardware partners, rather than being locked into one hardware vendor. It also works with smart meters, building management systems and renewable energy sources.

    In a statement, AMPECO CEO Orlin Radev said: “There is an incredible opportunity for EV charger providers to build and scale a profitable business using innovative technologies.”

    Four years after launch, Ampeco says it has gained 120 customers in 45 markets, reached 62,000 charge points and doubled in size to more than 80 people.

    Baris Guzel, Partner, BMW i Ventures, added: “As EV sales increase, access to electric vehicle charging infrastructure becomes more important than ever. Ampeco’s hardware agnostic and comprehensive software solution enables customers to quickly launch and grow their own EV charging networks.”

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