AMPECO, one of the fastest-rising tech companies, closed its series A round raising an impressive $16 million in total venture capital. The founders – Orlin Radev (CEO), Stefan Ivanov (CRO), and Alexander Alexiev (CTO), shared exclusive insights on the strategies that laid the foundation for this success and what’s next for AMPECO.
From left to right: Stefan Ivanov (CRO), Orlin Radev (CEO), Alexander Alexiev (CTO)
Strategic team building meets product market fit
Having the right team members from the very beginning is critical for any business venture – and it was no different for us. Our founders are experienced entrepreneurs who have turned dozens of ideas into operational businesses and worked together for over 15 years. This level of cohesion was crucial to carrying out the business plan and achieving the success that led to securing venture capital investment.
It’s incredible to think that back in 2018, when AMPECO was founded, Orlin, Stefan, and Alexander had zero connections within the EV charging industry. Firm believers in the electric future of transportation, they devoted six months to doing a deep dive into the market before developing AMPECO’s all-in-one white-label solution to manage EV charging networks in public, private, and residential scenarios. The validation of its product-market fit and the right team were key components to AMPECO’s success initially.
Series A: A catalyst for AMPECO’s future growth
AMPECO has established a strong presence in Europe and North America, scaling to over 120 customers across 45 different markets. With rapid sales and 4x year-on-year revenue growth, investors took notice of our strong value proposition and financial projections.
To grow further and make use of the opportunities presented by this success, we needed to boost our capabilities. “We were consistently winning key deals against the competition,” said Stefan. “At which point it was obvious we needed more firepower to scale what we had already achieved.”
Orlin knew the right time to act, saying, “We made the right decision in terms of timing. We saw opportunities that we could address meaningfully with extra funding.”
How AMPECO beat the odds and succeeded in this volatile funding environment
In the leadership team’s opinion, there were two main components to their success: preparation and execution. On the preparation side, Stefan shared, “We had market validation, product development, and customer acquisition to ensure AMPECO had a viable business model.”
On the execution side, it was all about building relationships with VCs, outlining a clear roadmap for success, and showcasing what makes AMPECO an attractive investment opportunity. Orlin said, “It was really about understanding our value proposition at its core and being able to convey this message quickly and clearly.” This was possible because the team had prepared the groundwork and had a solid understanding of AMPECO’s role in the EV charging industry.
Our partners at Calvary and LaunchHub were invaluable, “With their support and guidance, we were able to execute a lean and very effective fundraising process.” shared Orlin.
What AMPECO’s leadership team was looking for in a VC partner?
According to them, it all comes down to trust: knowing that the VC is someone who will look out for the best interests of your business, provide guidance and resources when needed, and challenge the team to think outside the box.
Unpacking the specifics, AMPECO sought venture capital partners that were technology-focused, had exposure to the US market and western Europe, and ideally, a big enough network in those regions so that we could tap into. Luckily, we recognized all of these things in Silicon Valley-based BMW i Ventures.
Since companies typically move towards series B after getting past certain milestones post-series A funding, they also considered VCs with experience in later stages of growth. AMPECO’s leadership needed someone with whom they could see themselves working successfully in the long run. As Alexander put it with a sense of humor, “Partnering with VCs is like a marriage.”
What does the future look like now that the series A round has been closed?
Orlin shared, “It is a time of growth and expansion as we look to further establish AMPECO in the market and continue to build strong relationships with our customers and partners.” The team is exploring new areas to deliver unique value to customers, such as offering more advanced analytics, powerful technologies for efficient energy usage, and effective management tools to further improve the customer experience.
With a strong client base of charging network operators across North America, the funding will be used to accelerate AMPECO’s position with on-site local teams there and in the UK, France, and Germany. We will also be doubling our headcount in our sales, engineering, and product innovation teams- as well as doubling down on culture.
Fostering our unique culture
At AMPECO, we strive for a culture of openness, transparency, and innovation. We focus on processes only where absolutely essential, and we’re always transparent about our objectives. It takes the right minds to achieve success – individuals with growth-oriented mindsets who want to make a global impact and participate in something bigger than themselves. To keep building our comprehensive, yet flexible software platform and provide opportunities to large-scale EV charging businesses, we have 25+ open positions in all departments – sales, marketing, customer success, product, business development, and engineering.
AMPECO’s journey is an excellent example of what it takes to secure a successful series A round. Preparation, relationship-building, and having a solid understanding of the market are all essential components to making it happen – something that AMPECO’s leadership did exceptionally well. Looking forward, we will build upon this success and provide even more EV charging opportunities for our clients.
Supercharge your career with AMPECO
We are looking for top talent to join the AMPECO dream team and further support the development of our EV charging management platform.
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