Yepzon racked up EUR 1.5 million of private capital for further development of locator and location services.

Yepzon Oy, a Tampere, Finland-based developer of easy-to-use mobile location services, announced raising EUR 1.5M ($1.7M) in fresh equity funding.

The new share issue was realized between the 6th of April and the 5th of May 2017 in collaboration with Innovestor Oy, a company specializing in start-up funding. The round of financing brought new investors, such as the M4E fund, as well as angel investors such as Lars-Michaël (Micke) Paqvalén,

The implemented financing arrangements are part of the overall financing package of 3 million euros budgeted for this year.

Yepzon, founded in 2013 and led by CEO Otto Linna, developed a GPS-based wearable that can locate people, pets and things by using the mobile app. The company has a staff of 9 and employs approximately 20 product developers on subcontracts.

Yepzon intends to use the capital to expand its operations further. Among other things, this summer the company is going to found a sales company in India and get ready for new licensing contracts. Prior to this investment, Yepzon raised EUR 1 million in funding in 2016.