Smartfrog raises 20 million Euros from investors
Traction one year post launch: Users in over 130 countries, steady strong growth
Berlin, Dublin, 19.10.2016
The Tech-Start-Up Smartfrog has completed its third round of financing just 12 months postlaunch. This double-digit million-Euro investment, takes the total funding for the leading Internet of Things provider to over € 28 million in one year.
In addition to existing investors, e.ventures and Target Global, renowned family offices as well as Jean-Pierre Wyss, co-founder of u-blox AG, a leading Swiss high tech company, are participating in this new financing round. The Investors emphasize with this new extended investment their confidence in Smartfrog as a leading technology provider in the dynamic Internet of Things space.
"As one of the most promising IoT companies in Europe, Smartfrog is impressively demonstrating that its business model works" said Andreas Haug, General Partner at e.ventures.
Today, just one year after its launch, Smartfrog acquired users in over 130 countries, doubled its staff to 60 – from 22 countries-, opened new international offices along with achieving 3 digit steady growth rates. Furthermore, the company established several partnerships with leading e-tailers and retailers such as Amazon, Otto, Mediamarkt and Saturn, as well as leading Utilities and consumer electronics distributors in Europe.
"Smartfrog is the fastest growing IoT-Company in Europe and fits perfectly into our portfolio" said Yaron Valler, General Partner at Target Global.
Smartfrog is making everyday objects more intelligent and connected to the internet, e.g. via an app. The aim is to make the everyday lives of people more comfortable and more secure by making modern technologies user friendly and affordable. For this Smartfrog has developed a universal IoT-Platform designed to build dedicated solutions across product areas. 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 (£4.95) per month, with no minimum contract period and monthly cancellation. It includes the Smartfrog app (iOS & Android), IP-Camera and video storage.
Smartfrog is the first IoT company to offer a disruptive easy and affordable IoT- solution as a subscription via its own online-shop as well as via e-tailers such as Europe’s no 1 and no 2, Amazon and Otto.
According to a Goldman Sachs study, the Internet of Things is "the next megatrend.", yet most IoT products have been too complex and expensive, according to a survey by Deloitte. This is where the Smartfrog concept comes in, with its easy and affordable home monitoring solution: The international mass market is in Smartfrog’s sights. Smartfrog’s international Going to Market strategy also includes a "Freemium Product", another “first” for the IoT sector. Smartfrog is the first provider in the field to offer, in addition to its paid camera product, a free app that can turn almost every smartphone and webcam into a surveillance camera. This is how the company wants to win over the market and build the brand. As a next step, users can upgrade to the paid products and services.
Smartfrog is a tech Company focused on the “Internet of Things”, which is about making everyday objects more intelligent and connected to the internet, enabling the user to access them from anywhere at any time. We want the latest technologies to be affordable and user-friendly, so that our everyday lives become more comfortable, more efficient and more secure.
Smartfrog offers an easy-to-install and affordable complete home security solution, so that users can always keep an eye on their home and business. The package starts at €5.95 (£4.95) per month, with no minimum contract period. It includes the Smartfrog App, allowing users to manage up to ten cameras, a Smartfrog Cam and cloud-based video storage.
Founded in 1998 and built on a strong, shared culture of entrepreneurship, e.ventures is a leading early stage venture capital firm with global scale. The firm invests out of dedicated funds in six geographies and combines a global investment strategy and philosophy with local presence and insights. Focused at the intersection of consumer internet, media and mobile, e.ventures partners with visionary company founders to disrupt global markets and build category creating companies.
Notable investments include AppFolio, Sonos, AngiesList, Groupon, FarFetch, The RealReal, NGINX, Deposit Solutions, App Annie, Auctionata, Munchery, and others.
For more information, visit the e.ventures website: https://www.eventures.vc/
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About Target Global
Founded in 2012, Target Global is an international VC firm with over $300 million in assets under management and offices in San Francisco, Berlin, Moscow and Tel Aviv. Target Global focuses primarily on fast-growing digital-enabled B2C and B2SMB companies in e-Commerce, Fintech, travel, software and mobile. Target Global manages a growth fund that invests in Series B and later stage opportunities (both primary and secondary) 5-30m$ per deal and a seed stage fund that focuses on late seed and early Series A investments of 200-500k$ per deal. Investment criteria are a) Digital-enabled businesses operating in a B2C or B2 SMB space; b) Targeting a large market and global opportunity; c) Led by an amazing team.