Cerha Hempel has advised Red-Stars.com Data AG company Freeeway on a financing round leading to the closure of its pre-series A round.
According to Cerha Hempel, "the seven-figure investment of two new international shareholders, injecting more than EUR 3 million, sets the post-money valuation watermark of the IoT company above EUR 45 million."
"Our plans with the investment are set to accelerate our already global market penetration for the industrial and consumer IoT connectivity subscription business," a Freeeway press release stated. "We will considerably strengthen all operational units, marketing & sales, customer support, and product management."
Founded in 2014, Freeeway is an Austrian stock company, connecting more than 300 industrial and 32,000 retail customers with more than 650 mobile operators.
"This pre-series A investment is a significant milestone for Freeeway," Freeeway CEO Harald Fuchs commented. "It gives us the funds to be the first company that enables an IoT subscription business for companies across industries, fully automated, and to scale our IoT connectivity business."
In 2018, Cerha Hempel had also advised on Red-Stars.com Data's acquisition of a 50% stake in Freeeway (as reported by CEE Legal Matters on January 2, 2018).
The Cerha Hempel team was led by Partner Nadine Leitner and Associate Liliana Niederhauser.
Cerha Hempel did not respond to our inquiry on the matter.