Truphone raises £54m at a valuation of £386m

Tyrone Stewart

Truphone iPadTruphone, a UK-based mobile carrier that offer mobile voice and data services, has raised £18m in funding at a valuation of £386m, while a further £36m has been secured on a ‘conditional basis’.

According to the startup, the investment is in order to deliver its technology to customers at a faster rate on the back of agreeing “a number of high-value deals”.

The company doesn’t specify which deals these are, but it is one of Apple’s early partners in providing eSIM connectivity to the iPad and will offer a service for the iPhone XS and XR models – Apple choosing Truphone to be the “only carrier to offer global data, voice and text plans on the iPad and iPhone digital eSIM”. Truphone also partners with Synopsys, which has integrated the startup’s eSIM technology into its chipset designs; and SIM manufacturer Workz Group, which has a license for Truphone’s GSMA-accredited remote SIM provisioning platform and SIM operating system.

“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,” said Ralph Steffens, CEO at Truphone. 

“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. 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.”