ERNIT has just raised a seed round of 700,000 US dollars (4.8 million DKK). The two investors behind the funding is Denmark’s biggest funding company SEED Capital and Danish bank Spar Nord. 

The Copenhagen-based company is very excited about the investment.  According to ERNIT, it will use the funding to optimize both the digital and the physical experience.  Especially, it will  focus on the connection between the two through ERNIT’s internet of things platform.

“This is a dream-scenario for us. We get the necessary capital to optimize the product, but we also get a very innovative bank as a partner with about 400.000 customers. This is a great opportunity for all of us,” – says co-founder and CEO Soren Nielsen.

ERNIT has being developing digital as well as physical products for years that could help the kids to understand the concept about money and to learn the essential skills about how to deal with money.

“ERNIT doesn’t only bring the piggy bank into the digital age, the team puts power into all the values that are connected to saving, and for us this is a unique possibility to help the new generations to get better at handling money.” commented by Ole Madsen, the Communications and Business Development Officer at Spar Nord.

For the company, the coming months will thus be focused on the end-users experience before looking at the scale of the production.

“The scaleability of a company is of course an important factor when we decide to invest. ERNIT’s business model and the problem that it solves has a great global potential,” says Richard Breiter, Investment Manager from SEED Capital.