HomeFundingDutch IoT startup ULU receives €500K funding from Chinese investor

Dutch IoT startup ULU receives €500K funding from Chinese investor

Today the Dutch startup ULU, which offers connected car services, has announced an investment of €500K from the Chinese Fang Group. ULU will use the investment to accelerate sales in the Benelux market, further optimisation and development of the system, and growth their partner ecosystem.

Eindhoven-based ULU, founded in 2014, aims to create a safer and better driving experience by opening up the car ecosystem and connecting all cars to the internet. ULU interprets and shares information about the car at the request of the driver with third parties, such as insurance companies and fleet owners, in order to create a safer driving experience and reduce costs.

Jošt Faganel, co-founder and CEO of ULU said: “We are very pleased with this investment. The Fang Group is a renowned party and this shows not only a high degree of confidence in our product, but also that we are on the right path.”

Mrs. Yu Mina, Director of Fang Group Investment Limited: “We believe that investments in technology companies is a way to change the world, which is very exciting and meaningful, the investments should not be limited by geographical locations. ULU has developed a very promising product in an emerging market. We already noticed them during the demoday of Startupbootcamp HighTechXL. We are pleased that we were able to close this deal and look forward to a fruitful cooperation.”

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Thomas Ohr
Thomas Ohr
Thomas Ohr is the "Editor in Chief" of EU-Startups.com and started the blog in October 2010. He is excited about Europe's future, passionate about new business ideas and lives in Barcelona (Spain).

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