May 19, 2020

Mobile disrupter Truphone raises a further £255mn to fund IoT expansion

Johan De Mulder
2 min
Mobile disrupter Truphone raises a further £255mn to fund IoT expansion

Truphone is targeting 'aggressive expansion' into IoT after raising £255mn in funding.

Russian oil billionaire Roman Abramovich is among the investors backing the United Kingdom-based mobile operator, which claims to be the world's only truly global provider.

Truphone works with a current clientbase of 3,500 corporate customers to provide mobile usage in any country without incurring roaming costs. 

Last year, it signed a deal with Apple to provide e-SIM services to iPad customers who want to connect to different networks in different countries without a normal SIM card.

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Its vision, as a self-proclaimed 'disruptive enabler in the IoT ecosystem', is to see connectivity capability build into devices at the manufacturing stage.

"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," said Truphone CEO Ralph Steffens.

"It is an important step in achieving our long-term goal to power billions of connected devices around the world. Truphone continues to be the driving force reshaping the global mobile industry."

Part of the funding has also been used to pay off debts Truphone has accumulated since its startup launch in 2006.

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