Guildford IoT firm Eseye secures £10m growth funding from Virgin Money

Published by

Daniel Face

Eseye, a Surrey-based provider of tech services for the IoT market, has finalised a £10m funding package with Virgin Money to drive its plans for growth over the coming years.

The firm helps to connect IoT devices like smart vending machines and EV charging units to more than 700 mobile networks around the world, with Amazon, Shell Bosch and Costa Coffee among its clients.

Eseye is now looking to invest in tech R&D and expand its customer reach internationally, as well as take advantage of upcoming changes in the Global System for Mobile Association’s standards for IoT devices.

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CFO Tony Byrne said: “We’re 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 solutions in the market.

“We look forward to working with the Virgin Money team as one of our key investment partners to support our future expansion.”

The package is supported by Virgin Money’s venture debt department.

Andrew Stirrat, senior director of venture debt at Virgin Money, 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’re very optimistic this will continue.

“We’re delighted to support Eseye in the next stage of its growth story.”

Daniel Face

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL. Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience. Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.