Yepzon Gained 1.5 Million of Funding to Boost Global Growth
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The locator and location service developer Yepzon Oy racked up EUR 1.5 million of private capital during the round of funding, which was recently completed. The capital will be invested in product development and boosting global growth.
The new share issue was realized between the 6th of April and the 5th of May 2017 in collaboration with Innovestor Oy, a company specializing in start-up funding. Yepzon intends to use the capital to expand its operations further. Among other things, this summer the company is going to found a sales company in India and get ready for new licensing contracts. The implemented financing arrangements are part of the overall financing package of 3 million euros budgeted for this year.
“Yepzon became a technology leader thanks to the new Yepzon™ Freedom. The next step is to become market leaders. We are also targeting new countries and business in the software segment to keep the pace of investment fast,” says Otto Linna, Chairman of the Board of Directors, Yepzon.
New Investors Boost Potential for Growth
The round of financing brought new investors, such as the M4E fund and the well-known business multi-talent Lars-Michaël (Micke) Paqvalén, who was also elected to Yepzon’s Board of Directors in the general meeting held on the 22th of May 2017. Having started his first business in the tender age of 17, Paqvalén has a long history as an entrepreneur. He also boasts solid experience of global business: four of the companies built and sold by him currently operate in more than 30 countries. Because of his background of working with start-ups, joining Yepzon was a no-brainer for Paqvalén.
“It was natural to join Yepzon because the company in globally successful and boasts a growing high-potential service business and a competent team. Thanks to my global network and experience, I feel like I can help the company with its financing needs, the development of digital business, and branding and launching new services,” says Paqvalén.
In addition to Paqvalén, Otto Linna, Jukka Pietarinen, Mervi Airaksinen, Antti Halonen and Jouni Vaarala were also elected in the Board of Directors.
Wider and More Versatile Distribution
Yepzon has piqued the interest of consumers at a rapid pace both in Finland and in other countries. The Norwegian company Elkjøp, which operates under the name Gigantti in Finland, has reacted to the increase in demand by investing more in the distribution of Yepzon™ One and Freedom in Sweden and Norway this June. Dealer sales have increased in Finland thanks to the collaboration between Yepzon and Elisa, which started in April. The multinational telecom operator Orange will be responsible for retail elsewhere in Europe when it includes Yepzon products in its product portfolio this summer.
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