HTGF and VersoVentures back Cumulocity

HTGF typically invests €500,000 in first rounds. VersoVentures is a new spin-off fund, currently backed by NSN with €10m.

The funding will facilitate the spinout of Cumulocity from NSN. NSN will continue to act as strategic partner for the new company following the transaction.

Company
Based in Dusseldorf, Cumulocity is a software company that focuses on developing solutions based on cloud technology for the M2M (machine-to-machine) market. Cumulocity currently runs VendMe, Telematics and Conduct. The business has further engineering facilities in Germany, Poland and Portugal. It currently employs around 25 people, including external developers.

People
Benjamin Erhart is an investment manager at HTGF. Anssi Kariola is a managing partner at VersoVentures. 

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• Topics
• DACH
• Technology
• Expansion
• High-Tech Gründerfonds
• Germany