EMnify, a cloud-based platform for cellular connectivity in the Internet of Things (IoT) stack, announced on Thursday that it has raised $57M (approx €50M) in a Series B round of funding from London-based growth investor One Peak. To date, EMnify has raised €70M in equity capital.
Fund utilisation
The Berlin-based company says it will use the funds to accelerate its product development and global market expansion, particularly in the US. The company also plans to expand its leadership team and double its headcount in 2022 in the DACH region and North America.
“In One Peak, we are not only gaining an investor, but a well-matched strategic partner with expertise in European founded SaaS scale-ups set for global growth. EMnify has come a long way in a short period of time and is perfectly positioned to use this capital and accelerate our market expansion and product development globally, with particular focus on the US market, where we already have 20 percent of our global customer base, representing over 30 percent of our revenues,” says Frank Stoecker, CEO and co-founder of EMnify.
EMnify: What you need to know
Founded in 2014 by Alexander Schebler, Frank Stoecker and Martin Giess, EMnify is a cloud communication platform provider for IoT that enables businesses with IoT products to scale across networks worldwide with a single API.