
Quuppa Bags $0 Million in First Financial Round
Quuppa, an Espoo, Finland-based provider of Real-Time Locating Systems (RTLS) technologies, has raised €20 million in its first funding round.
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CIO Applications Europe | Friday, August 28, 2020

With industry 4.0 on the rise, a trend that has been accelerated by the Covid-19 pandemic, there is far more enormous market potential ahead, with MarketsandMarkets predicting a 22.5 percent annual growth rate for RTLS to reach a global market value of €7.5 billion by 2023.
FREMONT, CA: Quuppa, an Espoo, Finland-based provider of Real-Time Locating Systems (RTLS) technologies, has raised €20 million in its first funding round. The round saw investment in Quuppa from Finnish private equity company Bocap and Tech Consulting Group, an organization specializing in boosting Finnish companies into the international market.
“Industry 4.0 introduces the idea of smart factories that are automated and optimised for best performance,” said Kimmo Kalliola, CEO and founding partner of Quuppa.
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“Our customers can improve their production efficiency and operational safety by locating people and assets in real-time.”
Founded in 2012, and already reaching €10 million annual revenue, Quuppa allows Bluetooth devices to be tracked in real-time within centimeters. Its technology is already used across many verticals, including manufacturing, smart buildings, healthcare, and sport, to keep track of stock or assets and drive operational efficiency.
“With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services,” said Kalliola.
“Our aim is to grow from €10 million to €100 million in five years and establish our position as a market leader.”
Given the growth potential, Quuppa targets substantial growth in revenue and has generated funding to achieve this goal. This ambition has also turned the head of investors.
“Bocap is very excited about Quuppa. The company perfectly matches our focus on ambitious entrepreneurs looking for significant global growth on a profitable basis within a horizon of 3 to 5 years,” said Vilma Torstila, partner of Bocap.
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