Investors leap to back Smartfrog
October 25, 2016
Irish and German start-up Smartfrog has raised €20m in its third round of financing, bringing total investment in the IoT and smart camera maker to more than €28m in one year.
In addition to existing investors, E.Ventures and Target Global, family offices as well as Jean-Pierre Wyss, co-founder of Switzerland-based U-Blox, are participating in this financing round.
“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, a year after its launch, Smartfrog has users in more than 130 countries, doubled its staff to 60 – from 22 countries – and opened international offices along with achieving three-digit steady growth rates. Furthermore, the company established several partnerships with e-tailers and retailers such as Amazon, Otto, Mediamarkt and Saturn, as well as 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 makes everyday objects more intelligent and connected to the internet, usually via an app. The aim is to make the everyday lives of people more comfortable and secure by making modern technologies user friendly and affordable.
For this the company has developed a universal IoT platform designed to build dedicated services across product areas. Having started with security and monitoring as a primary area, it offers easy-to-use and affordable complete home security, so 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. It includes the Smartfrog iOS or Android app, IP camera and video storage.
Smartfrog says it is the first IoT company to offer disruptive easy and affordable IoT as a subscription via its own online-shop as well as via e-tailers such as Amazon and Otto.
According to a Goldman Sachs study, the IoT 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.
Smartfrog says it 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.