Truphone raises £255m funding to increase global following
Truphone, the first global mobile operator, has today (October 3) announced it has raised £255m in funding through a successful rights issue.
The funds is to be used to retire all of its debt and increase the global expansion of the business. This new investment will help Truphone deliver on its plan to disrupt the trillion-dollar mobile industry and power the world’s connected devices.
These are expected to total 50bn by 2020. The company has now repaid the debt incurred during the development of its unique, fully globalised mobile connectivity platform.
Ralph Steffens, CEO of Truphone, said: “Our disruptive Connectivity EcoSystem combines mobile connectivity, next generation SIM technology and a management platform.
“As a result of this proposition, we are able to offer highly differentiated enterprise products and are the enabler of choice for disruptive IoT and eSIM solutions.
“This latest investment… 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.
The investment comes shortly after Truphone agreed a strategic partnership with Apple. Truphone connectivity will be available in more than 50 countries on Apple e-SIM, allowing 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 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.
Established in 2006, Truphone services are available in 220 countries and territories.