Ukkoverkot has raised a 9.8 million euro funding package through a convertible bond issue organized by Evli Bank and a directed share issue organized by the company. This funding will allow Ukkoverkot to accelerate the development of its 4G LTE data networks and to develop its sales and marketing efforts. Part of the funding will also be used for other growth-related investments.
Ukkoverkot Ltd is the fourth Finnish mobile data operator, that sells, markets and maintains a Ukko Mobile 4G LTE mobile data network that covers all of Finland. The Ukkoverkot LTE service is the locally fastest fixed wireless Internet connection in Finland. The company focuses purely on the production of wireless telecommunication services, especially for demanding customers such as companies, authorities, rural areas and critically important industrial Internet connections. The company’s networks are not used for any traditional circuit-switched voice or SMS traffic.
The parties that participated in the funding round included Finnvera, Veritas, Ålcom, Ukkoverkot Ltd’s biggest individual shareholders, and the Rising Tide Europe investment fund led by the Swiss Brigitte Bauman.
– We believe at Ukkoverkot Ltd that this support from our investors is a clear signal that we have made the right decision to focus on the development of data network connections designed especially for companies, authorities and sparsely populated areas. In spite of the current challenging state of the financing markets – especially in recent days – it is still possible to find investors for a rapidly growing business model, summarises the chairman of the board of Ukkoverkot Ltd, Mikko Uusitalo.
The nationwide Ukko Mobile 4G LTE network offers data connections to all types of business environments and situations where the connections have a critical importance for society. The network covers 99.9% of the population living on the Finnish mainland. In the summer of 2016, the Ukko Mobile network will extend to Ahvenanmaa and the Archipelago Sea. Ukko Mobile network’s customers include: State Security Networks Group, VR Group, The Finnish Defence Forces and YLE, and also companies offering electronic payment terminals, logistics services and the electricity, water and forestry industries.
The fixed mobile UkkoNet LTE Internet connection offers its users guaranteed minimum speeds and fibre optic network-like connections to places where building a fibre connection will never be financially viable. The service will never become congested, as it uses its own frequency which is dedicated to this purpose. Subscriptions are based on permanently installed and directional outdoor mobile routers. The UkkoNet service is being used or built at, for example. Saarijärvi, Hirvensalmi, Kihniö, Enonkoski and Imatra.