Dublin-based IoT technology startup Smartfrog has closed a $5m (€4.45m) funding round that it hopes will allow it to scale its business internationally.
The internet of things (IoT) home and business surveillance company has doubled its total investment with the funding, having launched last October.
The investment was led by serial internet company investor Target Global, along with international venture capital firm e.ventures which had invested in the previous funding round.
“Smartfrog’s business model is globally scalable and driven by an impressive management team,” said Target Global partner, Yaron Valler. “It is an investment that fits perfectly into our portfolio.”
Smartfrog provides home and small business surveillance technology which includes a video camera and free-to-download app.
The business which is headquartered in Dublin and has offices in Germany, China, and Switzerland says it is the only such company to make its app available for free.
By allowing free downloads of its app, the company expects to be able to make quicker inroads into markets globally. As part of its expansion plans, Smartfrog is eyeing new offices in several countries including the UK and USA.
“As one of the most promising IoT companies in Europe, Smartfrog has proven that its innovative cloud- based Software as a Service business model is scalable, and its product is highly sought after by consumers”, said e.ventures general partner Andreas Haug.
The company’s products are sold on its own e-shop as well as being listed on major online retailers such as Amazon and Germany’s Notebooksbilliger.de.
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