Truphone funding allows IoT expansion
October 5, 2017
London-based global mobile operator Truphone has raised £255m in funding through a rights issue. The funds will be used to retire all its debt and fuel the expansion of its business in the IoT arena.
This investment will help Truphone deliver on its 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 globalised mobile connectivity platform.
"Truphone continues to be the driving force reshaping the global mobile industry,” said Ralph Steffens, CEO of Truphone. “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."
He said he saw this latest investment as a significant vote of confidence from investors in its growth strategy, and its 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," he said.
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.
The investment comes shortly after Truphone agreed a 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 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 differentiated services to its 3500 existing enterprise customers. These include a secure, regulated mobile recording service, which is being used by most leading tier-one 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 ten countries and is expected to continue building on its reputation in the emerging IoT ecosystem.