Amsterdam-based Gamgee partners with Lithuanian IoT hardware manufacturer Teltonika to expand its IoT reach

IoT or the Internet of Things is a fast growing sector which is expected to reach a value of $ 1256.1B (nearly €1060.6B) by 2025. One of the notable players in the field is moving forward by forging new partnerships and expanding its services. The Lithuanian IoT hardware manufacturer Teltonika Networks has announced its partnership with Amsterdam-based smart home and managed Wi-Fi company Gamgee. 

The fellowship of increased connectivity

Under the newly formed alliance, the two companies, Teltonika and Gamgee, will target to launch new smart home and managed wireless services. These devices and services will be developed by Gamgee and powered by Teltonika Networks products and the setup will include 4G LTE, Wi-Fi, Bluetooth, and GPS connectivity. This partnership is for expanding the companies’ capacities to offer managed Wi-Fi and smart network services to more consumers and business customers across multiple technology platforms. 

“Teltonika Networks is largely recognised for developing innovative IoT business and office solutions that are driving the upcoming IoT revolution. Thanks to this partnership, Gamgee will be able to expand its reach and deliver the unique value of easy network management to a large audience that includes businesses and public institutions,” says Paul Hendriks, the CEO of Gamgee.

According to the company, the name Gamgee comes from Samwise Gamgee, also known as Sam, a Hobbit of the Shire – a prominent character from J. R. R. Tolkien’s epic fantasy novel, The Lord of the Rings. “As Sam proved himself to be Frodo’s closest and most dependable companion, the most loyal of the Fellowship of the Ring. He also played a crucial role in protecting Frodo and destroying the One Ring. It is Gamgee’s aspiration to be the wireless smart home network companion,” the company explains. 

“We are looking forward to extending our presence to not only industrial and business areas but also a smart-home environment with the help of Gamgee,” comments Julius Švagždys, Chief Corporate Marketing at Teltonika .

This article is produced in collaboration with StartupAmsterdam. Read more about our partnering opportunities.

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Startups – Silicon Canals

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Dutch fintech startup Factris bags €5M; plans to expand operations and business reach

For Small and Medium-Sized businesses or SMEs, it is crucial to manage and juggle the sources, timing and utilisation of cash flow. However, a lot of SMEs are shouldering the burden of ‘late payments’ at any given time. Well, imagine the whole lot of benefits small or medium-sized businesses can get from having more payment-related insights? 

Factris, an Amsterdam-based fintech startup is changing the landscape with its financing solution in Europe. The company helps SMEs by turning their invoices into cash in just 24 hours. 

Secured €5M funding 

The Dutch startup recently received another capital injection of €5M from AB ventures, the corporate venture capital arm of the Arab Bank. Existing investors including Speedinvest, Optima Investments, and other high net worth investors also participated in the Series-A equity funding round. 

A few days back, Factris raised €50M in a new financing agreement with asset manager NN Investment Partners (NN IP). 

The company intends to utilise the funds to continue to expand operations and its business reach. Factris is now at various stages of onboarding other factoring companies to become Factris brokers or partners, thus further extending their financing impact throughout the EU.

CEO Brian Reaves explains the importance of partnering, “Factris is determined to help SMEs in this difficult environment either directly or via our partners. Factris is happy to be working with AB Ventures and is looking forward to providing financing services in partnership with them in selected markets”.

Provide low-cost working capital to SMEs

As per Factris, the additional equity, as well as the scale and reach via the partnerships, will help create more opportunities to finance businesses amid the COVID-19 pandemic. 

Factoring, which is Factris’ primary form of financing, continues to help its customers by providing working capital using their unpaid invoices. The company claims that this alternative form of financing has proven to be substantially faster in sourcing the required cash flow to businesses, when compared to the more traditional forms of financing, such as businesses applying for a bank loan. 

Finance Automation for Business (FAB)

Factris has developed a FAB (Finance Automation for Business) platform, which automates tasks for employees to focus on personalised customer care. The FAB platform lets clients upload their invoices, request credit limits, monitor payments, and receive same-day capital for invoices that are factored.

“AB Ventures is excited to be part of the Factris journey and is looking forward to closing cooperation with Factris in developing receivables based financing solutions in Europe and beyond,” comments Faisal Hakki, MD of AB Ventures.

Main image credits: Factris

This article is produced in collaboration with StartupAmsterdam. Read more about our partnering opportunities.

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Startups – Silicon Canals

After lockdowns lead to an e-bike boom, VanMoof raises $40M Series B to expand globally

E-bike startup VanMoof has raised a $ 40 million investment from Norwest Venture Partners, Felix Capital and Balderton Capital. The Series B financing comes after a $ 13.5 million investment in May. The funding brings VanMoof’s total raised to $ 73 million and furthers the e-bike brand’s ultimate mission of getting the next billion on bikes.

The Series B funding will be used to meet the increased demand, shorten delivery times and build a suite of rider service solutions. It also aims to boost its share of the e-bike market in North America, Europe and Japan.

Partly driven by the switch of commuters away from public transport because of the COVID-19 pandemic, the e-bike craze is taking off.

Governments are now investing in cycling infrastructure and the e-bike market is set to surpass $ 46 billion in the next six years, according to reports.

Ties Carlier, co-founder of VanMoof, commented: “E-bike adoption was an inevitable global shift that was already taking place for many years now but COVID-19 put an absolute turbo on it to the point that we’re approaching a critical mass to transform cities for the better.”

VanMoof says it realized a 220% global revenue growth during the worldwide lockdown and sold more bikes in the first four months of 2020 than the previous two years combined.

Stew Campbell, principal at Norwest said: “Taco, Ties and the VanMoof team have not only built an unparalleled brand and best-selling product, but they’re reshaping city mobility all over the world.”

Colin Hanna, principal at Balderton: “As the COVID-19 crisis hit supply chains worldwide, VanMoof’s unique control over design and production was a key advantage that allowed the company to react nimbly and effectively. Moreover, VanMoof’s direct to consumer approach allows the company to build a close relationship to their riders, one that will be strengthened by new products and services in the years to come.”

VanMoof launched the new VanMoof S3 and X3 in April of this year. I reviewed the S3 here and checked out the earlier X2 version here.

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