The investment is the first in the latest €24 million fund from Oulu-based VC Butterfly Ventures.
The Helsinki-based startup has created a platform, launched last year, for building mobile indoor and outdoor positioning and geofencing solutions. It currently has 2,000 developers using the platform. The startup will invest the new funds in expanding around Europe.
“We are aiming high, we want to become the go-to platform for mobile positioning for companies and mobile developers worldwide”, said Proximi.io CEO, Annina Koskiola.
“Butterfly Ventures shares our vision for the future of the company. We also saw their expertise in the intersection of hardware and software, their strong portfolio and their international reach as invaluable assets to us.”
The mobile positioning market is expected to grow to $23 billion over the next five years, according to Butterfly Ventures partner, Juho Risku.
“Proximi.io is a well-packaged, unique product with a well-honed user experience and customer traction. We are very impressed with the team, and their capabilities of taking things to the finish line,” said Risku.
Proximi.io previously raised an early seed round of €300,000; some of these investors also participated in this undisclosed round.