Mobile and IoT customer care firm B2X has closed a funding round of €4.25 million from private equity firm Seligman Private Equity Select.

The Munich-based company saw revenues of €100 million last year, having recently entered the customer care market for IoT devices. Samsung is one of B2X’s biggest clients.

“We have a well-filled sales pipeline with new business opportunities in the smartphone sector, and especially in the very exciting consumer IoT industry”, said Rainer Koppitz, CEO of B2X. “After this new round of investment, we will further strengthen our sales and marketing, enhance our technology platform, and financially support large upcoming customer projects.”

The new funds will be invested in growing the company’s sales and marketing teams and further developing its SMARTCARE big data platform. The company is also planning an additional fundraise in the near future that will be in the “double-digit million range”.

B2X is currently completing three customer projects in Brazil, the US, and Vietnam, said Ralf Grüßhaber, CFO, providing in-store and home customer care.

For the fiscal year of 2017/2018, it expects turnover to be €140 million, he added.

Other previous investors in the company include Earlybird Venture Capital and Grazia Equity.

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