The Dublin-based smart cam-maker Smartfrog has completed its third round of financing just 12 months after the official launch. This €20 million investment, takes the total funding for the young company to over €28 million.
In addition to existing investors, e.ventures and Target Global, renowned family offices as well as Jean-Pierre Wyss, co-founder of u-blox AG, are participating in this new financing round.
Smartfrog has developed a universal IoT-Platform designed to build dedicated solutions across product areas. Having started with security and monitoring as a primary area, it offers an easy-to-use and affordable complete home security solution, so that users can always keep an eye on their home and business at any time and from anywhere. The package starts at €5.95 (£4.95) per month, with no minimum contract period and monthly cancellation. It includes the Smartfrog app, allowing users to manage up to ten cameras, a Smartfrog Cam and video storage.
Today, just one year after its launch, Smartfrog acquired users in over 130 countries, doubled its staff to 60 – from 22 countries-, opened new international offices along with achieving 3 digit steady growth rates. Furthermore, the company established several partnerships with leading etailers and retailers such as Amazon, Otto, Mediamarkt and Saturn, as well as leading Utilities and consumer electronics distributors in Europe.
Smartfrog is one of the first IoT companies to offer an easy and affordable IoT- solution as a subscription via its own online-shop as well as via e-tailers.
Smartfrog’s international Going to Market strategy also includes a “freemium product”, which is something new for the IoT sector. Smartfrog is probably the first provider in the field to offer, in addition to its paid camera product, a free app that can turn almost every smartphone and webcam into a surveillance camera. This is how the startup wants to win over the market and build the brand. As a next step, users can upgrade to the paid products and services. Check out the video below to learn more about the product: