07 Jul Investment round successfully completed
IoT Venture GmbH has successfully completed an investment round (Series A). The total investment volume is 1.2 million euros, with 600,000 euros each coming from BMH Beteiligungs-Managementgesellschaft Hessen mbH and the venture capital provider Mobility Boost GmbH.
“We’re pleased with the trust our investors placed in us,” affirms Jürgen Veith, co-founder and Chief Executive Officer at IoT Venture GmbH. “For me, it’s another sign that we’re on the right track with our business model. We’re using the funds to expand our business further and serve the megatrends of our time.” Both investors are acquiring stakes of six percent in IoT Venture GmbH as the result of an increase in capital operation. The founders continue to hold 84 percent while seed investors hold four percent.
IoT Venture GmbH was founded five years ago, in June 2016. The company offers its solutions to OEMs and to the end customer market under its own trade brands. IT’S MY BIKE was the first brand launched successfully back in 2019. A GPS tracker and a smartphone app open up a whole digital service world for e-bike users. IoT Venture supplied 30,000 GPS trackers alone last year, thus generating a turnover of 1.5 million euros (2019: 400,000 euros). The application has also been available for the pet market from this year. The scale-up is aiming for a turnover of 6.5 million euros for 2021, meaning it will break even for the first time. IoT Venture GmbH will surpass the milestone of 100,000 GPS trackers sold in the autumn. “We have now even been honoured with the Silver E-Bike Innovation Award in the Connectivity category,” states a pleased Veith.
IoT Venture customers include around ten bicycle manufacturers for original ex factory fittings and ten e-bike operators. The company also supplies bicycle dealers for retrofit business. IoT Venture will also be delivering more than 100,000 pet trackers to a pet supplies trading company until mid-2022. Headed by the three founders, Jürgen Veith, Thomas Ullmann and Holger Trautmann, the team is now creating a third brand for multi-mobility solutions, which will be launched before the year is out.
IoT Venture GmbH company profile
The scale-up IoT Venture GmbH uses the innovative narrowband NB-IoT and LTE-M NB-IoT radio standards in its products. NB-IoT provides a cost-efficient solution for the Internet of Things as a Low-Power-Wide-Area technology with low energy requirements, effective building penetration and a wide range. Its use of existing networks brings another advantage. IoT Venture GmbH’s services include the development of hardware and software (embedded systems), provision of the necessary data platform (cloud – solution) and assistance in developing brand new digital business models. IoT Venture GmbH offers its range for a wide variety of applications across different industries. The IT’S MY BIKE service world for e-bikes is the first application, which was successfully launched on the market in 2018. A tracking solution for the pet supplies sector has formed part of the range since 2021. IT’S MY RIDE, a third application for multi-mobility, is now in the starting blocks.
Link to the story of the company’s foundation (Five years of IoT Venture GmbH):
IoT Venture GmbH
Director of Corporate Communications
64295 Darmstadt, Germany
Tel.: +49 171 781 4562