1NCE Funding, Investors & Competitors

1NCE has raised $110M across 2 funding rounds, most recently a $60M undisclosed-stage round in April 2025.

See full 1NCE profile

Last 1NCE funding round

$60M

Undisclosed stage · Apr 2025

Cumulative funding 1NCE raised

$110M

across 2 funding rounds

Key investors in 1NCE

1NCE Overview

About 1NCE

1NCE is a Hamburg-headquartered IoT connectivity provider offering lifetime flat-rate SIM cards for low-data devices. The platform manages global roaming across 160 countries, with dashboards for fleet monitoring and data analytics. Founded in 2017, it serves utilities and smart metering firms in Europe and the US.


Founded

2017

HQ

GermanyGermany

Website

1nce.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription, Usage-based

1NCE Funding History

1NCE has raised a total of $110M across 2 funding rounds.

1NCE's first fundraising round was a $50M undisclosed-stage round in September 2021. The most recent completed round was a $60M undisclosed-stage round in April 2025.

1NCE funding rounds

1NCE funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2025Undisclosed stageI Squared Capital; SoftBank Group; Kensington Capital Partners; Deutsche Telekom; Vicenda Group; Alexander P Sator$60M1NCE is one of the fastest growing providers of IoT software and connectivity, operating the world's largest privately run IoT network in the cloud. The company provides connectivity solutions and Software as a Service (SaaS) platforms for IoT applications across dozens of industry verticals, with plans to launch next-generation platforms and AI-driven tools. On April 29, 2025, 1NCE closed a Series B funding round of $60 million USD, marking its largest funding round to date. Since 2017, the company has raised the equivalent of $160 million USD total across multiple rounds from investors including Deutsche Telekom, iSquared Capital, Kensington Capital Partners, SoftBank Corp., Vicenda Group, and founder Alexander P. Sator. The funding will support expansion of 1NCE's product portfolio, launch of its next-generation SaaS platform, development of new AI tools, continued global expansion, and growth of its U.S. presence. According to available data, 1NCE reported $1 million in revenue in 2021; however, revenue figures closer to the April 2025 round date are not disclosed in the sources.
Sep 2021Undisclosed stageSoftBank Group; Deutsche Telekom$50M1NCE is a German IoT network carrier founded in 2017 that offers cellular device connectivity at fixed prices across over 100 countries via 2G, 3G, 4G, 5G, NB-IoT, and LTE-M technologies. The company's cloud-based connectivity platform includes IoT services such as plug-and-play setup and device management. Its offering includes a flat-rate service with 500MB data volume and 250 SMS, making IoT applications such as tank maintenance, smart metering, and vehicle telematics more affordable for enterprise customers. On September 29, 2021, 1NCE announced a $50 million funding round co-led by Deutsche Telekom Strategic Investments and SoftBank Group, with participation from other investors. Deutsche Telekom had been a seed investor since the company's founding and also uses 1NCE technology for its own IoT offerings. At the time of the funding, 1NCE claimed to manage more than 10 million connections for over 7,000 business customers globally and employed 100+ staff across offices in Cologne, Hamburg, Amsterdam, London, Rome, Paris, Warsaw, and Riga. The fresh capital was allocated to accelerate international expansion, particularly in the US and Asia, further develop its cloud-based IoT platform services, and recruit key talent to expand product capabilities. The investment by SoftBank expanded on a strategic partnership formalized between SoftBank and Deutsche Telekom, creating an opportunity to co-invest in global connectivity platforms focused on enterprise customers. By the time of a subsequent funding round mentioned in later reports, 1NCE had raised $160 million in total since its founding in 2017, reflecting strong investor confidence in the company's market position and growth trajectory in the cellular IoT connectivity space.

Who has invested in 1NCE?

6 investors have backed 1NCE across its funding rounds, including SoftBank Group, Deutsche Telekom, I Squared Capital, Alexander P Sator, Kensington Capital Partners and Vicenda Group.


1NCE Investors

Investors in 1NCE by funding rounds participated
InvestorHQRoundsRoleFirst check
SoftBank GroupJapanTokyo2ParticipantSep 2021
Deutsche TelekomGermanyBonn2ParticipantSep 2021
I Squared CapitalUnited StatesUnited States1ParticipantApr 2025
Kensington Capital PartnersUnited StatesNew York City, NY1ParticipantApr 2025

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1NCE Competitors

1NCE competitors include listed companies like Datadog, MongoDB, Tempus AI and iFlytek, and private ones like Scale AI and Snorkel AI.

Public and private companies comparable to 1NCE
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Scale AIUnited StatesSan Francisco, CAPrivate$2B-$29B14.5x
Snorkel AIUnited StatesSan Francisco, CAPrivate$20M-$1.3B65.0x
DatadogUnited StatesUnited StatesPublicly listed$3.4B($588K)$85B19.4x
MongoDBUnited StatesUnited StatesPublicly listed$2.5B($104M)$32B10.4x
Tempus AIUnited StatesUnited StatesPublicly listed$1.3B($131M)$15B10.1x
iFlytekChinaChinaPublicly listed$4B$465M$14B3.4x

1NCE Public Comps

1NCE is still privately-owned, but its public comps include Oracle, Palantir, CrowdStrike, SAP, Salesforce, ServiceNow, Snowflake, Adobe, Johnson Controls and Datadog.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Oracle$67B$33B8.6x7.8x17.7x13.9x
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
CrowdStrike$4.8B($12M)51.4x44.5x(19816.2x)151.0x
SAP$42B$13B5.8x5.4x18.4x17.1x
Salesforce$42B$13B5.5x5.2x17.8x12.2x
ServiceNow$13B$2.6B11.1x9.6x57.2x25.0x
Snowflake$4.7B($1.3B)25.6x21.0x(94.1x)121.7x
Adobe$24B$9.3B4.3x3.9x10.9x8.2x

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Common questions about 1NCE

When was 1NCE founded?1NCE was founded in 2017.
Where is 1NCE headquartered?1NCE is headquartered in Germany.
Is 1NCE publicly listed?No, 1NCE is a private, VC-backed company.
How much funding has 1NCE raised?1NCE has raised $110M across 2 funding rounds.
What was 1NCE's last funding round?1NCE's last funding round was a $60M undisclosed-stage round in April 2025.
Who are 1NCE's investors?1NCE's investors include SoftBank Group, Deutsche Telekom, I Squared Capital, Kensington Capital Partners, Vicenda Group and Alexander P Sator.
Which companies are comparable to 1NCE?Companies comparable to 1NCE include Scale AI, Snorkel AI, Datadog, MongoDB, Tempus AI and iFlytek.

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