Multi-million pound investment sees London’s Truphone valued at £386m

Global mobile network Truphone has raised an eight-figure investment through a rights issue that valued the London-headquartered firm at £386m.

The sum includes £18m in unconditional funding that Truphone will use to deliver its technology to customers at a faster rate.

A further £36m, secured on a conditional basis, was injected in the firm based on the same valuation.

In 2016, Truphone embarked on a long-term growth strategy to develop its systems and infrastructure.

The plan included investing in SIM and platform technology, which saw the firm acquire Cellnetrix Group in October last year and become the first mobile network with its own SIM operating system software.

Truphone has since unlocked new revenue streams by making Cellnetrix’s tech commercially available.

Ralph Steffens, chief exec at Truphone, said: “The appetite for our technology has been enormous and we are thrilled that our investors have given us the opportunity to accelerate and scale these groundbreaking products to market.

“We recognised early on that the more integrated the supply chain, the smoother the customer experience. That recognition paid off—not just for our customers, but for our business.”

He continued: “Because we have this capability, we can move at a speed and proficiency that has never before seen in our industry.

“This investment is particularly important because it is testament not just to our investors’ confidence in our ambitions, but pride in our accomplishments and enthusiasm to see more of what we can do.”