Today, Bulgarian-founded AMPECO, an EV charging management platform provider, announced it has raised €24.74 million ($26 million) in Series B funding. It comes almost two years after their Series A. The current funding round was led by Revaia, with participation from existing investors Cavalry Ventures, BMW i Ventures, and LAUNCHub Ventures.
The Recursive had the opportunity to speak with Orlin Radev, co-founder and CEO, to discuss how they manage to successfully secure their new investor, their vision for the future, and the next strategic steps.
AMPECO’s white-label management platform enables charge point operators (CPOs) and e-mobility service providers (eMSPs) to manage and scale their EV charging operations efficiently. The company has experienced significant growth since its last funding round, now serving over 160 clients across 60 markets and connecting more than 120,000 charging stations to its platform. This market leadership was recently validated by IDC MarketScape, which recognized AMPECO as a Leader in their 2024 assessment of worldwide EV charging management solutions.
Could you please share what has changed since your Series A? What has been the company’s growth since your last funding round?
OR: We had our Series A about two years ago. Over these two years, we’ve increased our revenues fourfold and significantly matured our product. We’ve now achieved excellent product-market fit with our ideal customers, not only in Europe but also in other markets where we are very active. It’s been a period of substantial growth for the company, both in terms of revenue and product development.
We’ve also expanded our team, adding key personnel in strategic markets. Additionally, we’ve been able to sign larger customers and significantly grow our customer base.
The new investor on board, Revaia, is a technology investor, aiming to help growth-stage companies navigate their entire life cycle from Series B to IPO or buyout. What was the fundraising process for your Series B?
OR: The fundraising for this round was actually preempted by interest from a US-based investor. This sparked a process where other investors we had previously engaged with, and who had expressed interest in participating in future fundraising, also jumped at the opportunity to take a closer look at the company.
It wasn’t a round we initiated by actively going into fundraising mode; rather, it was triggered by strong interest from investors.
What are the next steps? What is the short-term goal for next year?
OR: Next year, we’re aiming to double our growth again. It’s an exciting time for expansion. We already had robust plans, and now, with more resources at our disposal, we can fully execute them.
We’ll be doubling down on key markets, particularly in Western Europe and Europe as a whole. Additionally, we plan to strengthen our presence in the United States and ramp up efforts in markets where we already have significant traction, such as Southeast Asia, Australia, New Zealand, and South America.
We’re already present in 66 countries, and our product has global applicability. Our focus will be on hiring a few key people in strategic markets to be closer to our customers.
We’re planning to add around 50 people next year. This growth will include hiring key personnel in markets like Germany, the Netherlands, the UK, and the US. At the same time, we’ll be strongly expanding our Bulgarian team, which is home to our engineering, customer success, product, and marketing teams. In short, we’re growing on all fronts.
Which is currently the hottest market for EV mobility?
OR: Even though there has been some media coverage this year about a slowdown in EV growth, and there’s some truth to it in certain markets more than others, the reality is that this year is still set to be another record year for global EV sales. This is true for Europe and also for North America.
For us, Europe remains our strongest market. We’re doubling down there because it has the most mature customer base, advanced charging networks, and a significant number of operators who are either using in-house solutions or platforms that don’t fully meet their needs or future-proof their operations.
And how about Central and Eastern Europe?
OR: Central and Eastern Europe are emerging markets for EVs and EV charging infrastructure. There’s still a significant amount of infrastructure that needs to be built in the region.
We already have many customers there and will continue to stay active in this market. Overall, Europe remains the place to be for EVs and e-mobility.
Could you share who your main competitors are in Europe and what sets your platform apart from them?
In Europe, our biggest competition comes from in-house solutions. Many of the largest EV charging networks operate on software they’ve built internally. We estimate that over 60% of public charging stations in Europe use in-house systems.
What sets us apart is that our platform isn’t a rigid, closed system or a white-label product where you just add your branding. Instead, it’s a flexible, open platform that allows companies to build their own competitive advantage. They retain control and keep most of the value, rather than handing it over to a third-party service provider.
Could you share some of your recent clients in the region – companies you’ve started working with over the past few years that you’re particularly proud of?
OR: I’m especially proud that we’re now working with Eldrive Bulgaria. Both of our companies originate from Bulgaria and have established an international presence. They’re an amazing organization that was in this space even before we launched.
In your opinion, what was the hardest challenge that you had to overcome?
There are so many critical aspects that need to align perfectly, it’s hard to pinpoint just one. However, the biggest challenge was overcoming the perception barriers. We entered an industry where we had no prior expertise, no established brand, and were operating out of a country not traditionally associated with EV technology.
To gain trust as a company from Eastern Europe in competitive markets like the Nordics, we had to create a product that was significantly better than anything else on the market. Beyond that, we had to excel in every customer-facing role – sales, support, and integration – to prove we were the best choice. Winning over our first customers was the hardest part, but once we gained traction and had proof points, things became much easier.
Do you think AMPECO could become the next Bulgarian unicorn?
OR: Becoming a unicorn is one way to measure success, but our focus is on becoming the global leader in our field.
We want to be recognized worldwide as the go-to platform for EV charging operators, delivering the best product, setting industry standards, and enabling our customers to succeed. If achieving that also makes us a unicorn, then great!
