Distributing EV Charging Software Globally from Day One: Our Lead Investment in AMPECO
We are incredibly excited to announce that BMW i Ventures has led the $13M Series A round of AMPECO, an EV charging management platform. We are joining our friends from Launchub and Cavalry, who invested in the $3M seed round earlier.
AMPECO offers an all-in-one whitelabel solution to manage a network of charging stations in public, private, and residential charging scenarios. The core of the solution is the backend platform that allows customers such as utility companies and charging point operators to not only manage a growing number of charging stations, but also maintain full control over the customer relationship. By taking an API-driven approach, the platform enables B2B customers to integrate with existing systems, build custom features and offer additional functionalities such as load management, billing, roaming, and payments. Next to the backend platform, the white-label solution also includes a web portal and mobile app for drivers that allows customers to effectively launch, manage and scale a network of charging infrastructure. The company is set to become a key enabler for business customers that want to operate in the e-mobility or shared mobility sector around the world. Although the product development team and business operations still reside in Sofia, Bulgaria, the company is active in more than 45 countries, experiencing particularly strong traction in mature EV markets such as the UK, Netherlands, and Nordics.
The company is in a rapid growth mode and we are particularly impressed with their off the chart metrics indicating a clear product-market fit. We are excited to become part of the entrepreneurial story of Orlin and his team for a few reasons, which we will elaborate on below.
Number one is AMPECO’s founding team - Orlin and his crew are all battle hardened entrepreneurs, who have turned dozens of ideas into operational businesses and have worked together for more than 15 years. This level of cohesion is remarkable, leading to very quick and efficient decision making, while at the same time being very complimentary and clearly dividing each other’s roles and responsibilities across technology, sales and strategic leadership.
This is the basis for the flawless execution that the team has achieved since the company was founded in 2018. With top quartile SaaS company capital efficiency, they have built an 80+ employee global business servicing 120+ customers in 45+ countries with an industry leading product by using very little outside funding.
Given the tremendous growth of the market - in 2021 alone the EV charging station market grew close to 30% according to the International Energy Agency - AMPECO is in a good spot to keep expanding its business going forward.
With all of this, we are strongly convinced that the AMPECO team has the potential to truly lead the space, and we could not be more excited to join their journey. We have no doubt they could unlock the true potential of EV charging as their proven solution is deployed by more providers globally.
