Wingbits funding news – Stockholm-based Wingbits Secures €3.1 Million in Seed Funding

The most active early-stage venture capital firm in Europe, Antler, as well as several well-known angel investors, were also involved in the round. Wingbits is a cutting-edge flight monitoring network that pays data providers using a performance-driven, blockchain-based mechanism, and distributes profits to its community.

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By 2025, it's anticipated that the aircraft monitoring data market would be worth $22 billion. Antennas maintained by amateurs and enthusiasts worldwide collect this data. But historically, this international network of amateurs has never received compensation or recognition for their work.

Robin Wingardh, co-founder of Wingbits, commented: “Despite over a decade of advancements in aviation tracking, innovation has stagnated, and the community powering this data has been overlooked. We founded Wingbits to change that—bringing fresh innovation to the industry while ensuring that the community is fairly rewarded for their invaluable contributions.”

The money will be used by it to grow their staff and line of products. The technical staff, which now consists of developers and data scientists from companies like Klarna, Spotify, and Volvo, will be the main focus of recruitment. The funds will also be utilized to support further marketing and sales-related initiatives.

Evan Park, Investor at Tribe Capital, added: “I believe Wingbits has one of the most unique supply-side userbases out there, composed of passionate hobbyists who contribute hardware because they love flight tracking – not solely for the financial incentives. This reflects in the strength of the Wingbits community, and the industry is only just realizing how powerful tapping into this 100k community of aviation hobbyists can be.”

Oscar Westergard, Partner at Antler, said: “Robin and Alex are a world-class founding team who have identified a truly unique application for blockchain technology. They are empowering an overlooked, but deeply engaged, community to create the world’s best flight tracking network. This will lead to real improvements across the global aviation industry. We are delighted to have backed Wingbits from day zero and have every confidence in their future success.”

About Wingbits

Wingbits rewards the quality of the flight tracking data these antennas record with blockchain technology. Performance, coverage, and uptime are used to determine rewards for individuals, and global leaderboards are available to compare the top-performing antennas worldwide.