Espoo, Finland – 24.03.2017 – Connected Finland, a Sigfox operator of Finland and Estonia, has closed its second financing round of two million euros. With this funding the company is expanding the network in Finland and builds and operates the network in Estonia through its subsidiary, Connected Baltics. By the summer 2017 90% of Finns and 50% of Estonians will be residing within the network coverage.
The company has so far raised three million euros in its two funding rounds. Largest investors joining in the second financing round are LähiTapiola, the Finnish Funding Agency for Innovation, Tekes and Nordea.
”Our financing round succeeded well beyond our expectations enabling a fast scale-up to meet the growing demand. It means not only building and operating the network but also being able to develop the new service business – devices development and other IoT services. Internet of Things is now a tangible thing and our investment will further new business opportunities to thousands of Finnish and Estonian businesses,” chimes the Connected Finland CEO Markku Patronen.
”After commercial operations begun last fall we have managed to kick-off prominent, large volume customer deployments, secured connectivity reselling agreements with partners and acted as a development platform for a wide array companies developing new IoT devices and solutions. But we’ll tell more about that later in the Spring,” continues Patronen.
Grannenfelt Finance Oy acted as an advisor for the company in this financing round and contributed in expanding the company funding. Grannenfelt Finance was founded in 2015 to provide independent lifecycle financing solutions.
”Connected Finland funding solution proved to be exceptional. We managed to leverage both public and private funding as well as equity financing and loans. To this we wish to thank Tekes, Nordea, Finnvera, LähiTapiola and numerous angel investors,” say Eeva Grannenfelt, founder and CEO of Grannenfelt Finance Oy.
