Virta, an electric vehicle charging platform based in Helsinki, has raised €85 million in a recent funding round. This funding consists of a €65 million equity investment and a €20 million grant.
The company intends to increase its charging transactions by a factor of five in Europe and the Asia-Pacific region by 2025. Jolt Capital led the €65 million equity portion of the round, and other participants included Future Energy Ventures (backed by E.ON.), Helen Ventures, Vertex Growth Fund, Finnish Industry Investment, Lahti Energy, Vantaa Energy, and Kotka Energy.
Virta was also awarded a €20 million grant from Business Finland, a governmental organization run by the Finnish Ministry of Employment and the Economy. Virta claims to be the fastest-growing EV charging network in the industry, with more than 1,000 professional EV charging businesses in 35 countries using their platform, which includes roaming. Their network provides access to over 350,000 charging points for EV drivers.
Citing preliminary figures, Virta Group’s annual revenue grew 112% to €39 million in 2022, a metric that secured a listing on the Financial Times 1000 Europe’s Fastest Growing Companies list for the fourth year running.
“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,” says Virta CEO Jussi Palola.