Truphone raises £255m as it eyes overseas expansion
Truphone, the first global mobile operator, has raised £255m in funding through a successful rights issue.
The funds will be used to retire all of its debt and fuel the global expansion of the business.
This represents a pivotal moment for Truphone. It has now repaid the debt incurred during the development of its unique, fully globalised mobile connectivity platform.
Ralph Steffens, CEO, Truphone said: "Truphone continues to be the driving force reshaping the global mobile industry.
“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 solutions.
"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.
“It is an important step in achieving our long-term goal to powerbillions of connected devices around the world."
The investment comes shortly after Truphone agreed a strategic partnership with Apple which will see Truphone connectivity be made locally available in more than 50 countries on Apple eSIM.
The Apple agreement represents a landmark moment for Truphone as it builds on its status as the first global mobile operator.
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 10 countries and is expected to continue building on its reputation as a disruptive enabler in the emerging IoT EcoSystem.
Published: 03 October 2017