January 25 (SeeNews) - Bulgarian electric vehicle (EV) charging software developer Ampeco said on Wednesday that it closed a $16 million (14.7 million euro) Series A fundraising round led by BMW i Ventures, the US-based venture capital arm of German carmaker BMW.
The fresh funds will fuel Ampeco's expansion in North America while further securing its presence in the EU and UK markets, the company said in a statement published on social media. Following the investment, the start-up said it is set to double its engineering and product development teams.
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"We are thrilled to have BMW i Ventures on board in this round to now expand our reach even further. This investment will help make Ampeco the backbone of charging network operators - enabling them to monetise their networks will, in turn, help them move faster to deploy their infrastructure, ultimately making EV viable for more drivers everywhere," Ampeco co-founder and CEO Orlin Radev said.
The fundraising round also attracted participation from Bulgarian investment firm LAUNCHub Ventures, Germany-based Cavalry Ventures and a number of unnamed angel investors.
Founded in 2018, Sofia-based Ampeco has developed a white-label EV charging management platform compatible with different types of hardware, along with white-label EV driver apps. Its technology is geared towards enterprises across the commercial, fleet and residential segments of the EV market.
($ = 0.9158 euro)