⦿ INSIGHTS

Our Investment in Monta: Powering the EV Ecosystem

We invested in Monta in March this year. Since then, Casper and Anders and the rest of the team have not looked back and we are firm believers in Monta being on track to be the dominant EV charging platform in Europe and beyond. Here’s why:
Our Investment in Monta: Powering the EV Ecosystem
WRITTEN BY
Martin Krag Andersen
Investor
WRITTEN BY

EV Adoption is at an Exponential Tipping Point

2020 was a clear inflection point for many things, including the electric vehicles industry. In Europe, EV sales grew by 142 percent year-on-year (despite total car sales declining), and the European-wide EV market share hit 10 percent. In the United States, EV sales have beaten every forecast by order of magnitude as well.

With increasing regulatory targets and automakers’ shift in production, it is clear that the EV adoption rate will be growing exponentially over the next few years. The European Union and the United States aim for an EV share of at least 50 percent by 2030. According to likely estimates, consumer adoption in Europe will exceed regulatory targets and reach 75 percent market share by 2030. Worldwide, the number of electric cars on the roads will increase five-fold over the next three to four years, totaling more than 50 million passenger EVs.

Such a rapid transformation of a massive automotive industry will put pressure on OEMs and supply chains as well as on the broader EV ecosystem, in particular concerning setting up and running the charging infrastructure and meeting consumer expectations.

Looking at a tectonic shift in one of the world’s largest industries, we face two problems: 

1) We need better charging infrastructure, and we need it fast

2) We need a better end-user experience and a tech-first approach

Problem #1: We Need Better Infrastructure, and We Need it Fast

What is already clear is that the current charging infrastructure cannot keep up with the growing EV adoption, and building charging infrastructure in sync with the EV fleet will be essential in the coming decade. One in four cars will be electric in 2030 in Europe, meaning 15,000 charge points will need to be added weekly!

While the first generation of EV drivers relied mainly on private charging, the next generation will increasingly rely on a healthy public charging network and, especially, semi-private charging network to reduce range anxiety and network congestion. 

While housing associations, workplaces, companies, landowners - and many others with enough space and incentives to put up charge points - will start to create semi-private networks it is still too complex and cumbersome for them to do. 

Beyond the installation, managing and running the charge points afterward will be a real challenge if you’re not an experienced player, knowledgeable about hardware, integrations, protocols, and software across the value chain.

Problem #2: We Need a Better User Experience and a Tech-first Approach

For EV drivers, the consequence is that the current charging experience is suboptimal. The average EV driver has a plethora of apps or RFID cards to find, charge, and pay for the charging (if they are not already locked in an inefficient subscription model or an inadequate network).

Four larger EV charging players and their user experience

One of the apparent reasons for the subpar user experience is a very fragmented EV ecosystem, with several players ranging from legacy utility providers, hardware manufacturers, old and new charge point operators, and network builders. 

Hardly any of these have the sufficient skills and knowledge to succeed with a tech-first approach with the end-user experience in mind. Even those who have the skills are not building horizontally and end up locking the user in a closed network for a suboptimal experience - mainly because managing integrations to a slew of different charge point hardware is notoriously difficult.

With the shift to EVs creating more than €91 billion of additional value in Europe over the next decade, the most likely scenario is that the space will continue to be fragmented as more and more players enter and try to win their share.

The many players in the value chain (i.e. hardware manufacturers, wholesalers, installers, site owners, and charge point operators) currently have no simple means of coordinating and cooperating to create the best experience for drivers. This sadly results in a massive loss of value for everyone involved.

Monta is Aligning Incentives Across the EV Value Chain

The solution to both problems - building charging infrastructure fast enough to meet demand and living up to user expectations - is evidently to align incentives across the fragmented EV charging value chain, making it easier for everyone to benefit. 

Monta is an end-to-end solution for the entire value chain, helping to expand the ecosystem and accelerate the rollout of charge points by aligning incentives for everyone. 

Their user-centric app allows EV drivers to charge their car anywhere, independently of underlying vendors, by providing the best access to all major public and semi-public charge networks and enabling peer-to-peer community-based networks (like Airbnb for chargers). Eventually, the user will have a full roaming experience, never having to worry about range anxiety or needing the right subscription or payment option. Just top up their Monta Wallet. The app handles everything from discovering charge points and payments to smart queuing and smart charging, letting you charge when prices are low and/or the electricity is green.

On a longer time scale, the Monta network will be an enabler for vehicle-to-grid technology and help manage network congestion during peak load periods.

Monta’s Charge Point Management System enables site owners and charge point operators to easily set up and manage commercial and community charge points with easy integrations to all the hardware providers (like Plaid for the EV industry). Acting as the software layer for the network, Monta lets customers monetize their site toward the public or by creating and running more semi-public subscription plans, managing everything from pricing, billing, and user control. 

Imagine a company who would like to set up charge points at their offices and industrial locations. With Monta, they can control who has access to the chargers during different times of the day, what the pricing scheme should be, control payments, and enable the company to pay for the employees’ charging at home. 

Or imagine a housing association who wants to secure charging for its residents. They will get access to certified installers who will help them to set up the chargers. They can then use Monta’s SaaS solution to create a subscription plan, invite and manage the users, and settle payments and billing. It will also allow the association to earn extra income by adding the charge points to the public network, monetizing them while they’re not in use by the residents. 

Further back in the value chain, the installers, wholesalers, and manufacturers gain by being able to offer a full-fledged solution of hardware, backend, and frontend to their clients (with “Monta inside”), securing even more business and adding new revenue streams.

In Sum...

Monta does not cease to amaze us, both in terms of product development and in the passion and drive seen in the team. If you're reading this and you're interested in joining their journey, then you're in luck. Monta is hiring for many roles. Check them here.

More about the author(s)
Martin Krag Andersen
Investor

Martin leads investments across Europe and works with portfolio companies in a board capacity. Particularly, he's focussing on crypto/web3 and climate tech as well as verticalized SaaS and fintech. He is a former entrepreneur, having founded and worked with several startups in Denmark, Seoul, and Beijing.Prior to working in tech, he spent a number of years as a professional online poker player, honing a skill set in game theory, math, and psychology - traits he now applies to venture investing.Martin holds a Master's in Political Science from Aarhus University and Sogang University, Seoul. Outside of work, he spends his time mountain biking and cold water surfing, or playing with his son

More about the author(s)
No items found.
External
May 20, 2022

Aumio raises €3 million to support children’s mental health through playful learning

We’ve been truly excited by the emergence of parenting tech for a while now, and supporting children and their parents in dealing with mental health struggles is a mission we obviously want to stand behind. We’ve been actively looking for the right combination of a product market fit and founder drive. When we came across Aumio - a unique sleep and mindfulness cosmos for children - jumping onboard was a no-brainer for us. Let us tell you why. 
External
December 17, 2021

London-based Fuzey, the digital one-stop-shop for SMEs and independent contractors, raises a €4m seed round

We’re so proud to lead the €4m seed round in London-based Fuzey: the all-in-one messaging platform that centralizes small businesses’ communications, payments, marketing, and calendars. 
External
November 2, 2021

Our Investment in Monta: Powering the EV Ecosystem

We invested in Monta in March this year. Since then, Casper and Anders and the rest of the team have not looked back and we are firm believers in Monta being on track to be the dominant EV charging platform in Europe and beyond. Here’s why:
External
October 29, 2021

Why We Invested in PipeBio: no-code SaaS for bioinformatics and drug development

The human costs of the pandemic forced the scientific community to rethink how processes, such as drug development, can be done 10x faster than before. PipeBio is at the frontline of that development.
External
September 10, 2021

Why We Invested in Januar: Financial infrastructure for crypto companies

For too long crypto native companies have been lacking a stable and secure banking foundation to run their businesses from without the fear of being shut down by their, presumed, banking partner. Enter Januar.
External
June 22, 2021

Why We Invested in GamerzClass

When first meeting Victor Folmann and listening to a very candid podcast episode he did on Iværksætterhistorier we learned that Victor’s entrepreneurial career started already in his teens. He quickly realized that he had a knack for sales; whether it was vegetables or cell phones didn’t matter; you had something to sell; he was your guy.
External
June 17, 2021

Why We Invested in BonBot

At byFounders, we are a team of enthusiastic foodies. So, when we heard about BonBot: a modular retail food concept with a mobile front-end and a robot-powered store, we knew we had to meet the talent behind it. Learning that BonBot was founded by extremely impressive King veterans made us even more intrigued.
External
March 19, 2021

Why We Invested in Digitail

"There are few things with my job that I appreciate more than when people drastically surpass all my expectations!" - Sara Rywe, Investor here at byFounders, was so impressed by the founder's tenacity, extraordinary grit and structure, she knew we absolutely needed to be part of their journey.
External
February 21, 2021

Why We Invested in Proper

At byFounders, we instantly got excited about the idea of building a digital property manager that automates all manual tasks while also ensuring that the property owner and landlord feel in control. More importantly, we were captivated by the founders.
External
June 15, 2020

Why We Invested in Bob W

On why we invested in Bob W - an alternative to hotels and hosted homes. By sourcing and decorating high-quality suites in curated neighborhoods, Bob W can offer the livability and affordability of short-stay homes with the consistency and sustainability at scale of a hotel, 100% digital and touchless.

Delete me when done