Virta, one of the fastest-growing companies in Europe ranked by the Financial Times, announces today that it has attracted significant funding from major technology investors in Europe and Asia, the globally leading electric vehicle markets. The Virta platform allows industries to expand their business in EV charging with a market-proven solution integrating electric mobility as a flexibility element of the sustainable energy system.
Virta raised 30 million euros funding in the round, which will catalyze electrification of mobility on a global scale. Today the Virta platform is used in more than 30 countries by nearly a thousand B2B customers, including several of the largest companies in the world representing a variety of industries. The company’s mission is to accelerate the global transition to sustainable mobility by empowering large enterprises to run electric vehicle charging business, serving eventually millions of new EV drivers in their everyday life.
The investment round was completed in April 2021, led by Jolt Capital, a growth equity firm focused on scaling European technology companies and two co-investors, Tesi, Finnish Industry Investment, and Vertex Growth. Also, all Virta shareholders participated in the round. The first closing of the round was accomplished in April 2020 with ENEOS, the leading integrated energy company from Japan.
Electric Vehicles Go Mainstream Country by Country
EV sales and related charging technology markets are growing all over the world. In leading market areas most new passenger cars are already electric, and in a number of countries the markets are reaching a significant market share exceeding 20 percent.
Virta offers a unique solution to launch, scale, and operates commercial EV charging services for different industries such as energy, oil, and real estate, as a primary business or as a value-added service. Virta’s patented innovations provide a seamless digital user experience, which different companies can co-brand further to their end customers.
“New technologies can change the world for the better only when they are sustainable environmentally, societally, and businesswise. Together with new technology-driven investors, we catalyze the transition to sustainable mobility in scale by empowering large industrial partners’ EV charging business also in new markets” says Virta’s CEO Jussi Palola.
“As a growth capital investor scaling impactful technologies, Jolt Capital is delighted to be supporting Virta's next phase of growth. This is a fast-growing and dynamic market, and given Virta’s impressive traction and innovation to date, we’re confident it will become the leading EV charging platform in both Europe and Asia,” commented Laurent Samama, Partner at Jolt Capital.
Seeking New Continental Partners in Asia
The three fastest-growing markets for EV sales are Asia, Europe, and the US. The charging networks on the Virta platform already constitute one of the largest charging ecosystems in Europe, and the company is also working with Vertex Growth to build a network of partners to operate EV charging in Asia.
“We see strong tailwinds in the global EV market amidst a push by governments for EV adoption and increasing consumer awareness of environment and sustainability. Virta has built a differentiated digital transaction platform and is well-placed to address the needs of businesses as they establish and grow their EV charging network and user base. Virta is Vertex Growth’s first investment in Europe – we are excited to back the company and to partner with them to expand their footprint in Asia” says TAM Hock Chuan, Managing Director of Vertex Growth.
Co-investor Tesi (Finnish Industry Investment Ltd.) invests in companies that play a key role in solving global challenges in a sustainable way. Virta business fits Tesi’s focus on transformative economic growth by enhancing energy efficiency and renewable energy.
“Virta’s unique solution for EV charging and vehicle-to-grid load balancing positions it at the heart of digitalization and electrification of mobility. With our investment we want to boost Virta’s market expansion and help grow its impact on cutting carbon emissions” says Heli Kerminen, Tesi’s Director of sustainable investments.
Electric vehicles are capable to support the energy system with vehicle-to-grid and other demand response technologies providing flexibility to enable an ever-increasing amount of renewable energy. Virta is one of the leading players in commercializing V2G and energy platform technologies.
Read more about the first closing of the investment round.
Virta is the forerunner in electric vehicle charging platform technologies. Over 300 customers with over 50 EV charging brands from 28 countries are currently operating their EV charging services on the Virta platform. The company has been ranked as the fastest-growing electric vehicle charging platform in Europe by the Financial Times on its 2020 FT 1000 list. Virta's technology has received several awards. The company has been recognized as the best Energy brand at Charge Awards 2018 and received the Technology Innovation Award from Frost & Sullivan consulting. www.virta.global/
About Jolt Capital
Jolt Capital provides growth equity financing to European B2B technology companies about to go global and with current revenue from €15M to €50M. Led by seasoned investors and former C-level executives, Jolt Capital actively drives portfolio companies’ expansion and exits. Jolt Capital’s proprietary AI platform, Jolt.Ninja, exponentially improves mapping of Europe’s technology ecosystem, ESG-compliant deal flow generation, due diligences and post-investment activities. www.jolt-capital.com
About Vertex Growth
Vertex Growth is dedicated to partnering with exceptional entrepreneurs and promising companies on the cusp of growth. The firm provides expansion capital to realize the companies’ vision of creating a category champion that is enduring and transformational. As part of the Vertex global network of venture capital funds, Vertex Growth can leverage on a broad view of innovation across the world and capture significant value arising from the Vertex eco-system of portfolio companies, partners and investors. For more information, please visit: https://vertexgrowth.com
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.9 billion euros. www.tesi.fi | @TesiFI