Virgin funds Eseye with £10m package

  • February 7, 2024
  • Steve Rogerson
  • Eseye

IoT technology services provider Eseye has finalised a £10m growth funding package with Virgin Money that will help the business spearhead its plans for growth in 2024 and beyond.

Headquartered in Surrey, UK, Eseye specialises in providing global cellular IoT connectivity. The company’s eSIM and connectivity platform technology helps businesses across the globe connect millions of IoT devices – such as smart vending machines, medical devices, EV charging units and payment devices – to over 700 mobile networks to deliver near 100% connectivity uptime to any device, anywhere in the world.

Eseye’s customers include global brands such as Amazon, Shell, Bosch and Costa Coffee.

The funding package, supported by Virgin Money’s venture debt team, will help Eseye continue to innovate and push the boundaries in IoT connectivity technology. The company will use the funds to invest in technology research and development and support expanding customer reach internationally, as well as take advantage of upcoming changes in GSMA standards for IoT devices.

“We are delighted to secure this additional growth investment from Virgin Money, which validates our business strategy and the growth potential for our leading edge IoT connectivity in the market,” said Tony Byrne, chief financial officer of Eseye (www.eseye.com). “We look forward to working with the Virgin Money team as one of our key investment partners to support our future expansion.”

Andrew Stirrat, senior director of venture debt at Virgin Money (uk.virginmoney.com), added: “Eseye is a great example of how continued investment and a strong growth strategy can help ensure a company remains at the forefront of its sector. The business has seen a fantastic level of growth in recent years and, with the plans it has in place for 2024 and beyond, we are very optimistic this will continue. At Virgin Money we aim to ensure businesses have access to key specialists and for more than a decade we have been providing this service to help businesses achieve their ambitions. We are delighted to support Eseye in the next stage of its growth story.”