Spiio announced it has raised a $1.6 million fundraising round from internal investors: byFounders, inQvation, Danish Growth Fund and a range of angel investors. The funds will be used to strengthen the development team, to move forward with innovation projects that are improving the Spiio platform, and to scale the sales and marketing efforts, primarily in North America.
The new investment round will enable Spiio to get its services out to more customers in the turfgrass industry in North America and beyond. It also speeds up the innovation of the current product suite benefiting all the golf course superintendents and ground managers that are using Spiio data daily.
“In these rough times, I’m happy to announce this new stepping-stone for Spiio,” Spiio founder and CEO Martin Dal said. “The team has worked incredibly hard and, against all odds, we have grown significantly throughout the year. With support from investors, we’re extremely excited to have the power to do what we fight for every day: putting new valuable data services in front of many more users.”
Spiio is entering a new level with plenty of new opportunities. The team is growing to cope with current and future demand. And the agro/IoT tech scene has never been more relevant than now, combined with an even higher demand for remote monitoring.
“There’s no doubt that many companies have been struggling through COVID-19, and the Spiio team has worked hard to find new ways of achieving growth,” inQvation CEO and lead investor Claus Zibrandtsen said. “We feel privileged to have a strong collective of shareholders, and together with the Danish Growth Fund, we’ve been able to help Spiio into the next level.”
Asked about the future for Spiio, Claus Zibrandtsen added, “inQvation has a strong belief in the team and the founders, who have shown a willingness to win and conquer even through tough times. Therefore, we have been happy to support in another round leading into a series A round in 2022.”