Quuppa, a global provider of Real-Time Locating Systems (RTLS), today announced its first ever round of funding, worth €20m.
The investors for the round are Finland-based private equity fund Bocap, which focuses on high-growth small and medium size enterprises, and Tech Consulting Group TCG Oy (TCG) with solid experience and track record of growing Finnish technology companies in the international market.
Since its establishment in 2012, Quuppa has enjoyed a healthy run of growth and cashflow, reaching a revenue of €10m. Now the company aims at using the raised funds into taking a bigger leap into global markets.
“With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services. Our aim is to grow from €10m to €100m in five years and establish our position as a market leader”, says Kimmo Kalliola, CEO and Founding Partner of Quuppa.
Quuppa has already deployed more than 2 000 location-based service solutions and has over 170 partners worldwide. In addition to Finland, Quuppa has offices in the United States, China, Australia and the United Arab Emirates.
The global market for RTLS is expected to reach €7.5bn by 2023, at an annual growth rate of 22.5% according to MarketsandMarkets latest research.
Investors in this round strongly believe in Quuppa’s potential and are willing to contribute in both equity and strong expertise.
“Bocap is very excited about Quuppa. The company perfectly matches our focus on ambitious entrepreneurs looking for significant global growth on a profitable basis within a horizon of three to five years,” says Vilma Torstila, Partner of Bocap.
The Quuppa Intelligent Locating System enables customers in a variety of industries to accurately and reliably locate Bluetooth-enabled devices. Its unique methodology and positioning algorithms enable real-time tracking with centimetre-level accuracy.
Quuppa’s technology is used in several vertical markets, including manufacturing, healthcare, smart buildings and even in sports. The location tracking system has improved the production and operational efficiency in many factories and warehouses globally.
Kimmo Kalliola, CEO of Quuppa describes the benefits said: “Industry 4.0 introduces the idea of smart factories that are automated and optimised for best performance. Our customers can improve their production efficiency and operational safety by locating people and assets in real-time.”