Finnish wearable/energy tech company Tespack has raised €2 million led by Saudi firm WOW Ventures with participation from Silicon Valley investor Neal Dempsey of Bay Partners.
Tespack develops and designs mobile energy solutions like solar power battery packs, backpacks, and solar panels.
The new funds will be used to prototype new products in the internet of things space and to expand in the MENASA region (Middle East, North Africa, and South Asia) with the help of WOW Ventures by first opening an office in Amman, Jordan. Furthermore, it is planning on working on a new project with an as-yet-unnamed telecommunications company.
According to the company, it encountered the Saudi Arabian VC when it participated in Startup Turkey.
“Tespack first came to my attention when I chose Mario to be one of four entrepreneurs for the Neal’s Running Start program in May of 2016,” said Neal Dempsey, who is joining the company’s advisory board, on his decision to invest in the company. “Since that time, Tespack has made tremendous strides with innovative new products and closing customers. Tespack is now positioned for early success across multiple regions, and I’m excited to contribute time and resources to their future growth.”
Peter Frans Pauwels, cofounder of Tomtom, has also joined the company’s advisory board.