• Truphone

  Led · Equity · Apr 2020

  Truphone provides voice and data services by integrating eSIM software directly into phones, tablets and IoT hardware. Its product suite includes a SIM OS (an eSIM operating system), a secure remote SIM provisioning service interoperable with any eSIM and operator, and an entitlements server for operator enablement of connected devices. The company has provisioned about 4 million eSIM profiles and reports roughly 20,000 eSIM downloads per day; it counts Apple as a key partner and says it is one of the three biggest eSIM providers globally. In the past year it secured deals with 25 major operator customers across four continents covering some 200 million customers. Truphone says it will use the new funding to invest in software development, upgrade networks and expand its worldwide presence, particularly in North America and Asia Pacific. Founded in 2006 as a SIM-card MVNO for travellers, Truphone pivoted to focus on eSIM services; its legacy MVNO business reached breakeven in September 2019. Truphone offers eSIM-based connectivity and global mobile voice/data plans via its MyTruphone platform, and is an early Apple partner for iPad and iPhone digital eSIM support. The company also supplies eSIM technology to chipset makers (Synopsys) and licenses its GSMA‑accredited remote SIM provisioning platform to manufacturers (Workz Group). Truphone’s network covers 80 countries and it says customers include more than 3,500 multinational enterprises in 196 countries, though it has not disclosed active-device counts. The business is expanding eSIM support to iPhone XS/XR dual‑SIM capability and is focused on scaling products for phones, tablets and IoT. Truphone characterizes demand as strong and plans to accelerate growth using the new funding, noting conditional tranches are KPI‑driven. Financially, the company has completed a rights issue but its Companies House accounts are overdue. Market rollout has been slow so far—around 10 countries support handset eSIM today—though forecasts cited in the article project market growth through 2023. Truphone operates a virtual SIM/eSIM and mobile connectivity platform that lets users avoid roaming charges and enables IoT devices to connect across countries without physical SIM cards. The company serves over 3,500 customers worldwide, including the majority of the world's largest Tier 1 investment banks. It has more than 350 staff across 10 countries and was founded in 2001. Truphone recently agreed a strategic partnership with Apple to make its service available in over 50 countries on Apple e-SIM. The business says it aims to be profitable by 2018 and plans to use growth capital to fuel global expansion. Financially, Truphone used new funding to repay debt accrued while building its connectivity platform. Truphone offers low-cost international calling through a three-part service: a prepaid SIM, smartphone apps, and enterprise products. Its prepaid SIM (priced at £19.99) provides cheap calls to 220 countries and functions as a free local service in the UK, USA and Australia. Apps for iOS and Android (with a new BlackBerry app) route calls over the internet, and enterprise offerings include call-recording for regulatory compliance and bespoke corporate mobile deals. Founded in 2006, Truphone had previously raised $57.1M from investors including Straub Ventures, Burda Digital Ventures, Eden Ventures, Independent News & Media and Wellington Partners, with its last funding in 2008. The company announced a £75M ($118M) investment led by Roman Abramovich’s Minden, which invested £70M at a £300M ($473M) valuation. Truphone says it will use the capital to expand into new markets (including the Netherlands, Hong Kong, Poland, Germany and Spain), pursue local carrier partnerships, and add about 500 employees over the next 18 months. Truphone provides VoIP services for Wi‑Fi/data‑enabled handsets and computers, allowing free calls between devices or low‑cost VoIP‑to‑anywhere calls. The company claims a technology advantage that yields better sound quality and longer battery life versus competitors. That advantage comes with an increased risk of carrier blocking, but TechCrunch notes Truphone has been prevailing in court battles over blocking. TechCrunch framed the recent funding as supporting Truphone’s push to offer "cheap calls." The article references additional coverage on the company’s pricing structure. The piece also notes the absence of cofounder Alexander Straub and the omission of Straub Ventures from the funding announcement.

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