Smartfrog, an internet of things (IoT) security camera player with users in 130 countries worldwide, has raised €20m in a new funding round.
Smartfrog is just one year old, and the latest funding round brings the figure raised by the company so far to €28m. This was achieved with the help of existing investors E.ventures, Target Global and a number of unnamed family offices.
The €20m consists of €15m in equity and €5m in debt financing.
Jean-Pierre Wyss, the co-founder of industrial IoT chipmaker U-blox, has also come on board as a strategic investor.
Smartfrog has developed a universal IoT platform designed to build dedicated solutions across product areas.
“Smartfrog is the fastest growing IoT company in Europe and fits perfectly into our portfolio,” said Yaron Valler, general partner at Target Global.
Smartfrog leaps across the IoT world
“As one of the most promising IoT companies in Europe, Smartfrog is impressively demonstrating that its business model works,” added Andreas Haug, general partner at E.ventures.
Having started with security and monitoring as a primary area, it offers an easy-to-use and affordable complete home security solution, so that users can always keep an eye on their home and business at any time and from anywhere.
The package starts at €5.95 per month, with no minimum contract period and monthly cancellation.
Today, just one year after its launch, Smartfrog acquired users in over 130 countries. It doubled its staff to 60 and opened new international offices, along with achieving triple-digit growth rates.
The company established several partnerships with leading e-tailers and retailers such as Amazon, Otto, Media Markt and Saturn, as well as leading utilities and consumer electronics distributors in Europe.
The company is targeting the sweet spot of making IoT devices less complex and less expensive.