EcoG successfully closes Series A funding round
In Germany, the Munich-based e-mobility startup EcoG has closed a six million euro Series A funding round, bringing new investors BayBG and Lindner Group on board. EcoG develops operating software for DC charging stations and aims to help its customers scale their solutions.
Existing investors Ananda Impact Ventures and Helen Ventures have further increased their investment in the development of operating software for DC charging stations.
With the fresh funding, EcoG aims to further advance its business in Europe and India as well as to expand its market presence in the US in particular. The fresh capital should enable EcoG to help its customers around the world accelerate their “go-to-market” and contribute to scaling the production of DC charging stations.
The in-house charging technology and operating system solution EcoG | OS can be used modularly as hardware software or software-only solution. More than 15 manufacturers use the software in more than 24 charger series.
Customers include Siemens and i-Charging. EcoG says it has already achieved a market share of ten per cent in Europe. This is quite an achievement since the company only started in 2017 when it was nurtured by a Volkswagen startup incubator.
Most recently, EcoG achieved profitability and quadrupled quarterly revenue compared to 2021. Jörg Heuer, CEO of EcoG explained: “EcoG’s success is built on the synergy of our ecosystem partners and the passion and drive of our highly motivated global team of EV charging technology experts and innovators of 14 nationalities.”
Heuer revealed: “As pioneers and thought leaders in the field of EV charging, we have travelled a focused and successful path to profitability since our launch five years ago. Together, we now strive for a 30% market share. And we will return to our roots in Detroit in 2023 to continue to shape the North American market locally.”
Andreas Heubl, the Investment Manager at BayBG explained their confidence in EcoG since the company has become the dominant operating system for DC charging stations within a few years. He said the company provides charging station manufacturers “with an outstanding software technology solution.”
Heuble stated: “The well-known customers, the strong ecosystem as well as the enormous growth of EcoG speak for themselves. Accordingly, we are very pleased to accompany EcoG as an investor in its international scaling.”
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