Sigfox raises nearly £130m for network expansion
French connectivity provider Sigfox has raised almost £130m in a Series E funding round aimed at expanding its internet of things (IoT) support network. The company’s new supporters include Salesforce, Henri Seydoux, Total, Swen CP, Tamer Group and Alto Invest. Sigfox was founded in 2010 and previously raised $115m in February 2015. The company provides a proprietary wireless network to connect over 10 million IoT-enabled objects to the cloud, using surrounding sources of energy to keep costs minimal. The network currently operates in 26 countries, with Sigfox intending to expand to 60 countries by 2018 with its new funding.

Sigfox, a Labege near Toulouse, France-based provider of connectivity for the Internet of Things (IoT), is to close its €150m Series E funding round.

Backers included new investors Salesforce, Total, Henri Seydoux, Alto Invest, Swen CP and Tamer Group as well as existing shareholders Bpifrance, Elliott, Intel Capital, Air Liquide, Idinvest Partners and IXO PE. Additional new investors are also expected to join this financing round shortly to reach the €150m level.

The company will use the funds to expand its international network to 60 countries by 2018.

Co-founded by Ludovic Le Moan and Christophe Fourtet and led by Xavier Drilhon, deputy CEO, Sigfox has built a global wireless network that provides a connectivity solution, enabling devices to connect to the cloud at low-cost by relying on the surrounding energy sources.

Its network has more than 10 million objects registered with coverage currently spanning 26 countries.

The company also has offices in Paris, Madrid, Munich, Boston, San Francisco, Dubai and Singapore.

FinSMEs

18/11/2016