Location-based services: Favendo raises seven-figure investment

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Favendo, the Location-based Services specialist from Bamberg (Germany) just secured a seven digit Euro amount in funding. The funding round includes existing business partners as well as family offices from the United States.

Favendo-CEO Richard Lemke stated, that the fresh capital will be used to accelerate the company’s ongoing expansion in the US-market.

Favendo uses Beacon technology and works on innovative concepts for B2B-customers in the retail, tourism, logistics, transportation and event industries. The Beacon Technology facilitates navigation within buildings and the delivery of location-based information. Favendon was founded in 2011 and combines software development, ecommerce, analytics, mobile advertising to one “unbeatable” solution.

The young company owns a Beacon production facility, which is also situated in Germany and therefore guarantees best quality and safety standards. Favendo has more than 70 employees which are located in Mainz, Jena and Bamberg.