Finland-based Electric Vehicle (EV) charging platform Virta has raised 85 million euros ($94 million) in a growth funding round led by the French private equity firm Jolt Capital.
Jolt Capital and other existing investors — German energy firm E.ON-backed Future Energy Ventures, Helen Ventures, Singapore-based Vertex Growth Fund, Finnish Industry Investment, Lahti Energy, Vantaa Energy, and Kotka Energy — contributed 65 million euros in total, according to a statement. The Finland government’s investing arm Business Finland will be contributing 20 million euros.
Virta plans to use the new funds to grow its charging transactions by more than fivefold in Asia Pacific (APAC) and Europe by 2025 and to expand into Malaysia, Indonesia, and Vietnam in the next 24 months.
Later this year, the company will be introducing its smart charging capabilities in APAC. The new European CCS V2G standard will allow all European (and American) cars to also push energy back into the grid.
“The EV charging platform is mission critical for companies building global charging services. Our strong financial position enables us to secure the best growth capabilities for our partners,” said Virta CEO Jussi Palola.
Virta develops smart electric vehicle charging services. The platform is currently used by over 1,000 private and public companies and organisations in retail, hotel, real estate, parking, petrol retail, automotive, and energy industries.
The company has partnered with Thailand-based EVolt Technology Co., Ltd., Malaysian VSD Automation, and Tetris Energy of Australia.