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Private equity in action - Case Study


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Country France
Region Midi-Pyrénées
Investor Elaia, Partech, iXo, Intel, Idinvest, Bpifrance

SIGFOX is the first company to provide global cellular connectivity to the internet of things, an intelligent global network connecting everyday devices without human intervention. Based on its own very long-range radio technology, SIGFOX is currently deploying a worldwide network, which it plans to roll out in 60 countries within the next five years.

Venture capital support from Elaia, Partech, iXo, Intel, Idinvest and Bpifrance has been critical in providing the funding needed to develop the product and the network. Beyond the financial support during the network deployment stage, the investors have advised SIGFOX on its strategic plans, from the industrialisation of its product through to international development. The investment has helped put the company at the forefront of mobile connection for the internet of things, while developing solutions that reduce energy consumption and costs for connected devices. Most recently, the company raised a €150m venture capital round for further expansion in 2016.

Ludovic Le Moan



Our global network fully dedicated to low-throughput communications is meant to connect billions of things. Quotation Marks Graphic



VC round in 2016

What did the business need?

  • Improvement and protection of the company technology
  • Capital to extend coverage to around 1,300 antennae across whole French territory
  • Ability to quickly expand the technology internationally in order to win approval from global players
  • A stable and long-term shareholder base

How did private equity backing create lasting value?

  • Identified priority markets and uses
  • Helped to drive adoption of the technology with integrators and modem makers
  • Invested tens of millions in the technology and network expansion
  • Established SIGFOX technology as a global standard

What outcomes did private equity investment achieve?

  • Created a revolutionary new technology for cellular connectivity that reduces energy consumption
  • Established coverage in France, Netherlands, Russia, Spain and the UK, with more markets under discussion
  • Established SIGFOX as a European leader in the internet of things development

More information




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