A portfolio company of Singapore-based venture capital firm Vertex Holdings, Finland-based electric vehicle (EV) charging platforms Virta Ltd has obtained new €85 million ($93.33 million) growth funding.
The amount, according to a statement released by Virta on Tuesday, consists of an equity investment of €65 million ($71.37 million) from Virta’s current investors, led by private equity firm Jolt Capital and including Future Energy Ventures supported by E.ON, Helen Ventures, Vertex Growth Fund, Finnish Industry Investment, Lahti Energy, Vantaa Energy, and Kotka Energy.
Business Finland, which provides funding for innovation for businesses and research organizations, will also contribute €20 million to the project.
By 2025, Virta hopes to increase its charging transactions in Europe and the Asia-Pacific (APAC) region by a factor of more than five thanks to the new funding.
According to the statement, the Virta platform is used by more than 1000 professional EV charging businesses operating in 35 countries.
One of the largest public networks in Europe is made up of these charging network operators.
The network gives EV drivers access to more than 350 000 charging stations, including roaming.
“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 Chief Executive Officer Jussi Palola.
It should be noted that Virta has consistently outperformed the market norm; in fact, in 2022, the Virta Group’s annual revenue increased by 112 percent to €39 million ($42.82 million).
According to Virta, electric vehicles (EVs) are essentially large batteries on wheels. By 2030, Virta predicts that EVs will account for up to 90% of all battery storage capacity in Europe.
