Gimv and Gimv managed Gimv Arkiv Tech Fund II together invest EUR 7.5 million in Itineris, a Belgian software solutions and services company for the utilities industry. Along with Gimv, CEO and founder Edgard Vermeersch as well as existing investor Flemish investment company PMV, each contribute an additional EUR 1.25 million in this total financing round of EUR 10.0 million.
The proceeds of this financing will be used for product innovation, capabilities expansion and to support the company’s further expansion in the North American market. Late April, Itineris was able to announce that it signed up energy cooperative Dakota Electric Association, based near Minneapolis, Minnesota. This win comes on the heels of an earlier long-term contract with the City of Baltimore.
To date, Itineris, which has more than 250 employees worldwide, realizes a profitable turnover of about USD 40 million.