Connected tech start-up SmartFrog, which creates smart cams, has raised 20 million Euros ($22m) in its latest investment round.
The young company, which has offices in Dublin and Berlin, has so far received 28 million Euros ($30.7m) in investment despite only launching a year ago.
It’s latest funding success is made up of 15 million Euros ($16.5m) in equity and 5 million Euros ($5.5m) in debt financing. A number of investments participated in the round, including e.Ventures and Target Global.
Pioneering the smart home
Both companies have put money into the firm in the past, helping it to grow and develop its product offering. Jean-Pierre Wyss joins the company as a strategic investor.
SmartFrog wants to become a pioneer in the smart home arena, developing intelligent monitoring cameras and an accompanying smartphone app for consumers.
It’ll use the funding to expand its growth across Europe. According to the company, it already has users in over 130 countries, and the system is available to buy from retailers like Amazon, Otto, Saturn and Media Markt.
SmartFrog offers a solid product
One of its main products is a video camera that lets consumers monitor domestic and office rooms using a smartphone app. It’s being marketed as an affordable home security solution.
You can purchase this separately, and it’ll come with free cloud recording and storage. However, there’s also a subscription option where you can get the device and premium storage for a monthly fee.
There has been significant growth in SmartFrog’s workforce too. It’s doubled its team to 60 employees over the last few months, and now owns four offices across the continent.
A crowded market
Smartcams aren’t new, by any means. There are a number of companies producing them, including Nest, which has become a market leader in the area.
However, SmartFrog believes it has the ability to compete with its international counterparts now that it’s created a sustainable product and raised a significant of funding to accelerate its growth globally.
The company’s co-founder told TechCrunch that his firm has become a lucrative opportunity for investors and partners, but that it’s still in the “building a market stage”.
Related: Breed Reply invests in four Internet of Things start-ups
Andreas Haug, general partner at e.ventures, commended the firm on its progress: “As one of the most promising IoT companies in Europe, Smartfrog is impressively demonstrating that its business model works.”
Yaron Valler, general partner at Target Global, had a similar thing to say: “Smartfrog is the fastest growing IoT-Company in Europe and fits perfectly into our portfolio.”
Investing in IoT
IoT is quickly becoming one of the fastest-growing tech sectors and is being led by innovative start-ups. As a result, investment is clearly important.
Matt Webb, managing director of R/GA’s IoT Venture Studio UK Program, said: “IoT is when the internet finally comes out from behind the screen and starts acting in the real world.
“Today we can use software, combined with simple devices, to slash food waste, manage sophisticated manufacturing, and analyse physical retail as never before.
“But it’s only startups who have the agility to productise these new IoT technologies efficiently. IoT startups are now creating material business value, and their impact will only grow – that’s why we’re investing”
Related: Home insurance start-up Neos gets £1m funding boost