Truphone Raises $339M
October 3, 2017
New funding to power global expansion
plans, build strategic partnerships & develop new services
has raised £255m in funding through a successful rights issue. The funds
will be used to retire all of its debt and fuel the global expansion of
This new investment will help Truphone deliver on its ambitious plan to
disrupt the trillion-dollar mobile industry and power the world's
connected devices, which are expected to total 50 billion by 2020.
This represents a pivotal moment for Truphone. It has now repaid the
debt incurred during the development of its unique, fully globalised
mobile connectivity platform.
Ralph Steffens, CEO, Truphone said:
"Truphone continues to be the driving force reshaping the global mobile
industry. Our disruptive Connectivity EcoSystem combines mobile
connectivity, next generation SIM technology and a market-leading
management platform. As a result of this unique proposition, we are able
to offer highly differentiated Enterprise products and are the enabler
of choice for disruptive IoT and eSIM solutions."
"I see this latest investment as a significant vote of confidence from
our investors in our growth strategy, and our ambition to continue
scaling the business globally. It is an important step in achieving our
long-term goal to power billions of connected devices around the world."
Truphone's vision is that mobile connectivity capabilities will be
embedded at the point of manufacture in any IoT or consumer device in
the future. This means the process of connecting will be simpler,
enabling devices to go anywhere in the world and offering an out of the
box connectivity experience.
investment comes shortly after Truphone agreed a strategic partnership
with Apple. Truphone connectivity will be locally available in more than
50 countries on Apple eSIM, which allows iPad users to get online and
stay connected whether at home or travelling internationally. The Apple
agreement represents a landmark moment for Truphone as it builds on its
status as the first global mobile operator.
Truphone's patented SIM-technology enables the creation and distribution
of SIM profiles over the air. The unique network architecture and
technology stack allows the company to supply highly differentiated
services to its 3,500 existing Enterprise customers. These include a
secure, regulated mobile recording service, which is being used by the
majority of leading Tier 1 investment banks. Truphone services are
available in 220 countries and territories.
Established in 2006, the business has experienced rapid growth in recent
years and is expected to be profitable in 2018. It has more than 350
staff in 10 countries and is expected to continue building on its
reputation as a disruptive enabler in the emerging IoT EcoSystem.