Finnish EV firm raises $93.8m, gears up for SEA expansion

Photo credit: Virta

Virta, a Finland-based provider of charging services for electric vehicles, has raised US$93.8 million (85 million euros). The round is led by its existing investors such as Jolt Capital, Future Energy Ventures backed by E.ON, Helen Ventures, and Vertex Growth Fund.

The fresh funds will be used to grow its charging transactions by more than 5x in the Asia Pacific and Europe by 2025. The company said it will expand into Malaysia, Indonesia, and Vietnam within the next two years.

Founded in 2013, Virta provides smart charging services for both EV drivers and companies alike. The company, whose Asia-Pacific headquarters is located in Singapore, plans to introduce its smart-charging capabilities for Asian markets later this year.

In Southeast Asia, Virta has partnerships with Thailand’s EVolt Technology and Malaysia’s VSD Automation.

See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race