Netmore Group

Netmore Group

Netmore Group was founded in 2010 and listed on the Nasdaq First North Growth Market in Stockholm. The firm originally operated as a telecom hardware reseller before shifting strategy in 2018 to focus exclusively on large-scale IoT network infrastructure. Today it functions as a specialized connectivity provider rather than a conventional asset manager, owning and operating carrier-grade LoRaWAN networks that underpin municipal smart-metering contracts and commercial building-management systems. The firm's principal revenue generators are long-term network-as-a-service agreements with utility companies, where Netmore deploys and maintains the sensor infrastructure rather than selling one-time hardware projects. The firm's deployment strategy centers on dense urban and suburban low-power wide-area network buildouts, targeting three asset classes in practice: digital infrastructure (physical LoRaWAN gateways and backhaul), recurring SaaS connectivity contracts, and strategic spectrum access rights. Netmore's model involves direct capital deployment into network hardware, which it then monetizes through multi-year service-level agreements. Its known geographic footprint spans Sweden, the UK, Ireland, and the Netherlands, with announced expansion into the United States through a 2023 partnership with a North American tower operator. The firm does not operate as a fund, family office, or allocator of third-party capital — it is an operating company that deploys its own balance sheet into infrastructure assets and earns from the connectivity layer on top. Netmore's scale is modest by telecom standards but material within the niche of dedicated IoT infrastructure: the firm reported approximately 1.5 million connected devices under management as of mid-2023, spread across utility, real estate, and logistics end-markets. Its team operates primarily from Stockholm, with a secondary engineering hub in the UK established following the 2022 acquisition of Everynet's UK and Ireland network assets. In September 2023, Netmore acquired the LoRaWAN network assets of Senet, a US-based IoT connectivity provider, marking its formal entry into the North American market and doubling its addressable device count (per the firm, September 2023). Netmore's structural differentiator lies in its pure-play operating-company posture within a sector dominated by telecom incumbents and venture-funded startups. By owning the physical gateways rather than reselling third-party connectivity, it captures both the infrastructure margin and the recurring service revenue. Governance follows Swedish public-company standards, with a board chaired by Anders Lönnqvist and quarterly financial disclosures providing transparency unusual among private IoT network operators.