March 28, 2017

Kick-start for Finnish IoT operator

The Internet of Things (IoT) promises to revolutionise many industries by connecting smart devices and bringing them to life.
The Internet of Things (IoT) promises to revolutionise many industries by connecting smart devices and bringing them to life.
istock.com/Enis Aksoy

Internet of Things (IoT) operator, Connected Finland, has secured two million euros in funding, which will go towards expanding the company’s network in Finland and also in Estonia, through its subsidiary Connected Baltics.

Still in its infancy, Connected Finland has now managed to raise three million euros over two funding rounds.

Much of the funding will go towards network expansion in Finland and Estonia, where 90 per cent of Finns and 50 per cent of Estonians will be residing within its network coverage by the summer. But the scale of the financing also allows Connected Finland to concentrate on other areas of IoT development.

“Our financing round succeeded well beyond our expectations, enabling a fast scale-up to meet the growing demand,” says Connected Finland CEO, Markku Patronen. “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.” 

Finnish family-business Grannenfelt Finance, acted as an advisor for Connected Finland during the latest financing round and was successful in helping to secure big Finnish investors.

“We managed to leverage both public and private funding as well as equity financing and loans,” explains Eeva Grannefelt, CEO of Grannenfelt Finance. “To this we wish to thank Tekes, Nordea, Finnvera, LähiTapiola and numerous angel investors.”

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