ESIP Sigfox (IFC-39119)

  • World
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Financial Institutions
  • International Finance Corporation (IFC)
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Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 25, 2017
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  • Communications
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Investment Type(s)
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Investment Amount (USD)
$ 16.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 21, 2018

Disclosed by Bank Feb 10, 2017

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Project Description
According to IFC website, Sigfox SA (Sigfox) is building and operating the world’s leading provider of connectivity for the Internet of Things (IoT). The company has built a global network to connect billions of devices to the Internet while consuming as little energy as possible, as simply as possible. As of October 2016, the network roll-out has been launched across 27 countries. It is seeking to raise up to EUR200 million of expansion capital to fund (i) the continued rollout of Sigfox’s network across the globe, including through joint-venture in particular in emerging markets, (ii) the expansion of teams across regions and functions, (iii) research & development investments and (iv) other general corporate & operating expenses. IFC is considering an investment of up to EUR15 million in the Series E equity round. The expected development impacts are: 1. Technology transfer to the next generation of IoT networks out of Europe to emerging markets. As a use case example, switching for GPRS to Sigfox LPWA could reduce communication costs for Distributed Energy Services Companies (DESCOs) operating in Africa and Asia by up to 80%. 2. Low cost connected sensors and devices generate a wealth of data which are used to improve resource efficiency and safety across all industry verticals, including supply chain, energy management, transport, production machinery, health monitoring, security, etc.
Investment Description
The project sponsors are the founders, Ludovic Le Moan and Christophe Fourtet who co-founded the Company in 2009. Key existing shareholders in the Company include BPI France, Elliott Management, IDInvest, Intel Capital, Elaia Partners and Partech.

Contact Information
Project Contact: Xavier Drilhon Deputy CEO, Sigfox 3 Rue de Londres, Paris, 75009,France Telephone No.: +33 1 83 81 49 60 General IFC Inquiries IFC Communications 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at