BMW iVentures invests into Ampeco platform for CPOs
Through its investment arm, BMW i Ventures, BMW has led a $13 million financing round for Ampeco. The Bulgarian company offers a platform to manage EV chargers and operations at scale and will use the capital to drive its expansion.
Ampeco is based in Sofia and offers a hardware-agnostic white-label solution to enable charging network operators to choose equipment and manage branding and payment flow freely. BMW adds that Ampeco’s platform seamlessly integrates with smart meters, building management systems, and renewable energy sources, making it suitable for clients from fleets to property management firms.
So far, the company is mainly active in North America and will use the fresh funding to drive its market presence further there while growing its engineering and product teams. The company also mentions expansion into Germany, France and the UK by installing local staff.
In addition to BMW i Ventures, Launchub Ventures and Cavalry Ventures, as well as a handful of angel investors, are participating in the Series A funding round, according to Ampeco. The $13 million raised in the round brings the total investment Ampeco has received since its inception in 2018 to $16 million (€14.6 mn).
Baris Guzel, a partner at BMW i Ventures, points out that Ampeco’s software solution enables customers to quickly launch and grow their charging networks. “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. We have no doubt they could unlock the true potential of EV charging globally as more providers deploy their proven solution.”
Orlin Radev, CEO of Ampeco, adds this was “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”. Radev describes BMW i Ventures’ investment as instrumental in further extending his company’s reach. It will make the platform “the backbone of charging network operators – enabling them to monetize their networks will, in turn, help them move faster to deploy their infrastructure, ultimately making EV viable for more drivers everywhere.”
Ampeco says it currently has 62,000 charging points connected to its management platform “in more than 45 markets with a focus on Europe and North America”.