Verdane partners with connectivity pioneer Onomondo to support new phase of growth
Verdane, the European specialist growth equity investor, has announced its growth investment in Onomondo, a Denmark-based global cellular operator for the Internet of Things (IoT). Onomondo’s platform offers interoperable cross-border connectivity and performance management without operator constraints. Verdane’s investment, drawing on its experience from its 45 other investments in the software space, will support the company in accelerating Onomondo’s growth internationally, and in achieving its plans to triple Annual Recurring Revenue (ARR) in 2022 & 2023.
Founded in 2012, Onomondo is a mobile virtual network operator and IoT software company that works to connect and simplify enterprise grade connected services across the globe. To date, Onomondo has integrated more than 700 operators at the Radio Access Network (RAN) level across more than 180 countries and has layered its own API-based IoT platform on top. Devices connected to Onomondo contain an interoperable SIM card, meaning assets can seamlessly move across national borders without the inherent complexity of roaming. Enterprises that use Onomondo now experience a more secure, cost efficient and scalable connectivity option, which is breaking down the barriers for building truly global IoT solutions at scale.
The investment from Verdane, coupled with participation from existing investors, will help with Onomondo plans to scale its team from 50 to 100 by the end of 2022 and expand its customer base, which currently includes the likes of Bosch, Carlsberg, and Maersk. Verdane will help Onomondo seize the opportunity to leverage its platform to continue expanding its products and features, as well as drive incremental revenue streams.
Pål Malmros, Partner, at Verdane commented: ‘’We are convinced that Onomondo’s solution has the potential to vastly accelerate global roll-out of IoT, as well as expand the total set of addressable use cases. We look forward to partnering with the company to significantly accelerate the business’ expansion and growth internationally, drawing on the Verdane team’s experience from the other 45 software investments that we have made.’’
Michael Karlsen, Co-Founder & CEO, and Henrik Aagaard, Co-Founder & CTO at Onomondo commented: “We see a clear shift now towards the market asking for more from their connectivity solution. This trend will dramatically heighten the success rate of IoT and lower both complexity and barriers to entry. All of this will eventually benefit both people, profit, and planet. Onomondo and our recent momentum is a clear representation of this shift and we have found Verdane to be the perfect partner to help us deliver fully on this vision and accelerate our growth.”
Verdane has a strong record investing in tech-enabled businesses, including software, having been named the most active financial investor in Nordic software growth companies 2016-2020 in 2020 by PwC, and declared a Top 4 most active GP acquirer of Nordic-based companies by deal count 2015-2021 by Pitchbook in 2021. The firm currently holds over 30 software businesses in its portfolio, including companies like Nomentia, Eduhouse, Evondos, inriver, Danelec Marine, meister, Papirfly, Parkopedia, StudyTube and Voyado.
The investment in Onomondo brings Verdane’s number of Denmark-based portfolio companies back to seven, following its recent realisation of Scanmarket to Unit4.