New Finnish Telco Raises Funding

Finnish mobile data operator Ukkoverkot has raised 9.8 million euros to speed up build-out of its 4G LTE data network and to strengthen its sales and marketing activities.

The funding included a bond issue, managed by Evli Bank, and a directed share issue. The investors included Finnvera, Veritas, Ålcom and Rising Tide Europe investment fund.

Ukko Mobile focuses on wireless data connections for companies and officials in hard to reach areas and offers connection for critical services for the industrial usage. It does not transfer calls or SMS messages.

Ukkoverkot bought the 450 MHz band in 2014 and it says its service covers 99.9 percent of Finnish population.