Virgin Money has facilitated a significant growth funding initiative for Eseye, amounting to £10 million, to propel the company’s expansion efforts in 2024 and the years to follow.
Eseye is recognized for its innovative technology services within the global IoT sector, offering global cellular IoT connectivity solutions. The company’s cutting-edge eSIM and connectivity platform technologies enable major corporations worldwide to connect a vast array of IoT devices—including smart vending machines, medical apparatus, electric vehicle charging stations, and payment devices—to over 700 mobile networks, ensuring nearly universal connectivity uptime for any device, anywhere around the globe. Eseye boasts a clientele of prominent global brands such as Amazon, Shell, Bosch, and Costa Coffee.
The investment aims to enhance IoT connectivity technologies, with Virgin Money’s Venture Debt team backing Eseye’s growth and technological advancement. The funds will be allocated towards the research and development of technology and expanding Eseye’s international customer base, in addition to adapting to the forthcoming updates in the GSMA (Global System for Mobile Association) standards applicable to IoT devices.
Andrew Stirrat, the Senior Director of Venture Debt at Virgin Money, remarked on the investment: “Eseye exemplifies the benefits of sustained investment and a robust growth strategy in maintaining a company’s leading position within its industry. Witnessing the remarkable growth Eseye has achieved recently, we are confident in the company’s future prospects. Virgin Money is committed to providing businesses with access to essential expertise, a commitment we have honoured for over a decade, assisting companies in realizing their ambitions. We are thrilled to be a part of Eseye’s ongoing journey of growth.”
Tony Byrne, Eseye’s Chief Financial Officer, expressed enthusiasm about the new investment: “Securing this growth funding from Virgin Money is a testament to our strategic business direction and the significant market potential of our advanced IoT connectivity solutions. We are eager to collaborate with Virgin Money, a key investment partner, to facilitate our continued expansion.”
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