We are proud and happy to announce that CardLab, the world-leading supplier of technology for powered smart cards, has raised 5.5 mEUR in its series A funding from Singapore based Scentan Ventures – a team of internet entrepreneurs, digital and finance veterans.
The financing will help CardLab accelerate its growth via investment in production capabilities to harvest on the massive inbound opportunities the company has experienced. The funding will also accelerate efforts in Japan, where the new partnership with Scentan Ventures will bring local expertise and network to bring the products of CardLab to the market.
“The collaboration with Tofte & Company has been very satisfactory and a position is now reached where CardLab can sign binding delivery contracts with more customers for development projects and larger production orders,” says Frank Sandeløv, CEO of CardLab.
“With the investment from Scentan we not only managed to secure funds for further growth but also important knowledge and network for our Asian expansion. It has been a pleasure working with Tofte & Company who have continuously impressed me with their ability to understand our business as well as persistent support in our efforts and their impressive deal making skills to secure the funding.”
“I am very impressed by the traction and positioning CardLab has obtained with their unique technology for producing convenient and secure smart cards,” says Thomas Tofte. “I have never experienced a company with such a massive inbound interest before and can not wait to follow the journey as CardLab continues to harvest on this pipeline with the expanded opportunities following the funding”.
CardLab is a Danish company specialized in making ultrathin electronics for powered smart cards and thereby develop highly advanced plastic cards containing a full computer in the card. CardLab has created particularly strong security features to plastic cards basically eliminating credit card fraud by use of its unique technology within biometric fingerprint scan, dynamic magnetic stripes, Snap Switch, Jammer Switch etc. CardLab is selling both complete solutions and OEM solutions adapted to the customers’ needs.
CardLab plans to hire further employees during 2016 to be able to cope with the rising demand on CardLab products. Please see more on www.cardlab.com.