news

9 Oct 2014

Portuguese company raises € 1, 6 Million ($2,0 M) to expand into additional international markets

Portuguese company raises € 1, 6 Million ($2,0 M) to expand into additional international markets

Movvo (www.movvo.com), a company based in Porto, Portugal, has just raised a Series A investment of € 1,6 Million ($2,0 M) from Caixa Capital (www.caixacapital.pt) and Sonae Ventures (www.sonaeeventures.com). 

The company has been implementing its solution of counting visitors and mapping their routes within enclosed spaces such as malls and shopping centers, for customers such as Sonae Sierra and others internationally, and now has at its disposal capital to accelerate a strong international expansion, particularly in Europe, USA and Asia. 

Compatible with 3G, 4G, WIFI and Bluetooth the Movvo solution can track visitors and shoppers in detail without any breach of privacy. It also processes the generated data and provides information about flow and traffic, which helps increase efficiency and profits for its clients. 

Movvo has managed to find a valuable market, valued at over € 1.5 billion per year, spent globally on lesser quality solutions provided by traditional competitors from the US and UK. Movvo has also recently secured initial contracts to install its already deployed solution in another 70 malls in more than 20 countries and is in talks with major mall operators globally. 

Coveted by many international investors given the interest that major tech giants, such as Google and Facebook, have shown in tracking user’s detailed indoor location and path, Movvo will now rapidly expand through the investment of Caixa Capital and Sonae Ventures. 


About Caixa Capital 

Caixa Capital is the Private Equity and Venture Capital fund management company of Portugal's largest banking group Caixa Geral de Depósitos, present in over 20 countries and with assets above 120 billion Euros. With a total of close to 750 million Euros ($1bn USD) under management, the largest and most relevant in the country, Caixa Capital invests in growth equity and venture capital opportunities and funds. The Venture Capital team partners with incubators, accelerators and business angels for seed and startup investments and with major international venture funds for opportunities above 1 million Euros. The team aims to support global expansion of Portugal related teams and companies and has dedicated team members to ICT, digital, health tech, engineering and clean tech investments.