Finnish startup Quuppa raises $23 million to accelerate its growth

Helsinki-based Quuppa, a global provider of Real-Time Locating Systems (RTLS), has received $23 million in its first-ever round of funding. The round was led by Finland-based private equity fund Bocap and Tech Consulting Group TCG Oy, which focuses on innovations.

Founded in September of 2012 by Kimmo Kalliola, Antti Kainulainen, and Fabio Belloni, Quuppa is a technology platform that provides the world’s most reliable, accurate indoor location positioning. Its unique technology enables real-time tracking with centimeter-level accuracy, which gives an opportunity for customers in a variety of industries to correctly and reliably locate Bluetooth-enabled devices.  

The company wants to use the raised funds for a larger entry into world markets. To date, Quuppa is headquartered in Helsinki, Finland, with offices in UAE, India, China, Australia, and Arlington, Virginia, USA. Into account, the company has over 170 partners worldwide.

Kimmo Kalliola, the CEO of the company, said:

“Quuppa’s technology not only improves the efficiency of smart factories and buildings but also improves the lives of ordinary people as we have seen in hospitals, elderly care, and in the fight against Covid-19. 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. Our aim is to grow from €10 million to €100 million in five years and establish our position as a market leader.”