French IoT company raises EUR 150m, plans NASDAQ listing
Sigfox, a French Internet of Things (IoT) company has raised EUR 150 million (USD 159m) to accelerate and expand its global network reach worldwide.
This latest round of funding adds to the EUR 120 million raised in the previous four financing rounds. The fresh money will enable the company to expand its international network to 60 countries by 2018 and reach financial breakeven point.
In just five years since its launch, Sigfox has built а wireless network with more than 10 million objects registered on it and coverage currently spanning 26 countries. No other network than Sigfox’s has a worldwide footprint and can connect fully autonomous energy harvesting objects, the company claims.
French independent asset management firm Alto Invest, French oil and gas group Total SA (EPA:FP), US cloud computing firm Salesforce Ventures, businessman Henri Seydoux, who is also а CEO of wireless devices for mobile phone maker Parrot, France-based private equity firm Swen Capital Partners and Saudi Arabian Tamer Group joined Sigfox as new investors after this recent Series E funding round. Existing shareholders including Bpifrance, Elliott, Intel Capital, Air Liquide, Idinvest Partners and IXO, also re-invested in the company. Additional new investors are also expected to join this financing round shortly to reach the EUR 150 million level, Sigfox said in a statement on Friday.
"We are happy to accompany the development of Sigfox because the technology it offers can be decisive to accelerate the deployment of the Internet of things. It is their advance acquired on the market in a short time and their capacity to accelerate the deployment of large-scale IoT solutions that motivated our investment", commented Patrick Pouyanné, Chairman and CЕО of Total.
The round comprises a “greenshoe” option that will allow new strategic and financial partners to join the share capital of Sigfox shortly.
Lazard and Goldman Sachs acted as financial advisors to Sigfox, with Skadden acting as legal advisor and Callisto acting as financial advisors to the management.
Sigfox is planning to go public on NASDAQ in 2018, Ludovic Le Moan, CEO of Sigfox told French daily La Tribune in an interview published on Friday.