This startup offers SIMs for everything from scooters to drones. Get an exclusive look at the pitch deck it used to raise $65 million led by investment giant Tiger Global.
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- Connectivity startup Hologram has just raised $65 million in Series B funding from Tiger Global.
- The startup is banking on an explosion in devices requiring constant mobile connectivity.
- We got hold of Hologram’s 12-slide fundraising pitch deck.
A startup that enables non-mobile devices to connect to the internet has raised $65 million in a round led by serial investor Tiger Global.
Hologram is part of the wider trend termed the Internet of Things (IoT) which was worth an estimated $381.30 billion in 2021, per Fortune Business Insights. In short, IoT helps connect everything from parking meters, to e-scooters, to temperature sensors in food trucks to the internet to provide reams of new tracking data and insight to users.
“We want to do to connectivity what Stripe did for payments,” Hologram CEO Ben Forgan told Insider. “At first the idea seemed a little esoteric and we were early to the market but now we’re at an inflection point. The first wave was connecting computers to computers on the internet, then phones and tablet, and now it’s about connecting hardware to internet.”
Hologram, which was founded in 2015, had only raised $15 million in external funding prior to this round.
But reduced costs for sensors and increased power in semiconductors means the market is maturing, according to Forgan.
The Chicago-based startup offers SIMs that switch between cellular providers, plus a software platform for clients. Its use cases include a food supply company checking the temperature and status of avocados in transit, and smart sensors which can assess the water level and chemical composition of soil for smart agriculture. Other use cases include keeping e-bikes, scooters, and drones connected.
“Previously there was no easy way to connect a device to the internet, telcos weren’t focused on this, and there was no software to built around it,” Forgan added. “We’ve quietly been growing the business over the past few years, building out products and hiring a team but we wanted to have a partner who could get us through numerous rounds of funding.”
The round was led by Tiger Global, the tech investing giant that has made famously large gains on bets on the likes of Facebook and LinkedIn.
Early-stage VC Bullpen Capital, Boston-based Nextview Ventures, and Californian investor Mucker Capital all participated in the round. Fresh funding will go towards tripling Hologram’s headcount.