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Aspirity Partners has agreed to buy a majority stake in Danish IoT connectivity firm Onomondo, in a €100M+ deal that is its first in the Nordics.
Key Takeaways
- Aspirity Partners and EIFO are investing more than €100M combined in Onomondo; Aspirity takes a majority stake.
- Closing needs regulatory approval and is expected in Q1 2027. Valuation is undisclosed.
- The money goes to international expansion, network equipment and new products.
Lead
London-based private equity firm Aspirity Partners has signed a definitive agreement to acquire a majority stake in Onomondo, the Copenhagen company that runs its own network to connect machines and sensors. The combined investment exceeds €100 million, and Denmark's state investment fund EIFO is adding to its existing position alongside Aspirity. The deal was announced on September 30, 2026, and is expected to close in the first quarter of 2027, subject to regulatory approval.
The transaction is Aspirity's first in the Nordic region. Onomondo has not disclosed the valuation or the split between new capital and shares bought from existing holders.
What Is Onomondo and What Does It Sell?
Onomondo sells connectivity for IoT devices: trackers, sensors and industrial equipment that need a data link without a person managing a SIM card. The company says it has direct access to nearly 700 mobile networks and serves more than 500 business customers in over 100 countries. Maersk, Carlsberg and Husqvarna are among them.
Its main products are SoftSIM, a SIM that runs entirely as software, and technology that lets a device move between private and public networks. With Maersk, Onomondo built a private LTE network across more than 450 ships, which it describes as the largest of its kind at sea. The company is about eight years old. Rasmus Jensen has been chief executive since 2025, and co-founders Henrik Aagaard (chief technology officer) and Michael Karlsen remain involved.
Who Is Aspirity Partners and Why Onomondo?
Aspirity is a private equity firm focused on European technology services and fintech, and Onomondo is a deliberate step into infrastructure-style software. The firm closed its debut fund at €875 million in November 2025, one of the larger first-time private equity vehicles in Europe that year. A €100M+ commitment to a single company is a sizeable share of that pool, though Aspirity has not said how much of the total it is contributing.
The buyer's logic looks like a scale bet. Onomondo already has the network access and customer names, and PE money can pay for capital-heavy expansion. The stated uses are growth abroad, more network equipment and new products. Aagaard framed the company's direction in infrastructure terms: "The next challenge is creating the right data and getting it to the right place. That is an infrastructure problem."
How Does This Compare With Onomondo's Earlier Funding?
The new investment is several times larger than anything Onomondo raised before. Third-party data puts total funding to date at about $30.2 million. The largest earlier round was a $21 million growth investment led by Verdane in 2022, with Maersk Growth, People Ventures and The Danish Growth Fund participating. EIFO has backed the company since 2021.
Revenue is not disclosed in the announcement. One third-party estimate put annual recurring revenue at $12.9 million in 2023, a figure the company has not confirmed. Headcount is estimated at about 94, up from 57 in 2022. If those numbers are close, a €100M+ deal implies a valuation well above the size of the business today, priced on expected growth rather than current earnings.
What Are the Risks and Open Questions?
The main open question is the structure. A majority purchase means existing shareholders, likely including earlier investors, are selling at least in part, and the announcement does not say how much. The valuation is also unknown, so the multiple Aspirity paid cannot be judged.
Competition is real. IoT connectivity is crowded with global carriers, eSIM specialists and other independent providers. Onomondo's differentiation rests on owning its core network rather than reselling, which raises margins and control but also raises capital needs. That is the gap this investment is meant to fill.
What Comes Next for Onomondo?
Onomondo now faces a regulatory review and a roughly one-quarter wait before the deal closes in Q1 2027. After that, expect investment in network equipment and expansion in markets outside Denmark, where Aspirity's operating support will be tested. EIFO's higher stake keeps a Danish public investor in the shareholder base, which matters for a company handling connectivity for shipping and industrial customers.
For Aspirity, the deal sets a template for Nordic entry: back an established, revenue-generating infrastructure company rather than an early-stage one. Whether it repeats that pattern in the region will show how the firm plans to deploy the rest of its €875 million fund.
Outlook
Onomondo gets a majority owner with fresh capital, a state co-investor and a clear brief to scale internationally. Valuation, deal structure and revenue remain undisclosed, so the return case is still opaque. Regulatory approval is the next milestone, with completion targeted for early 2027.
