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 2018. 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.