Truphone, a London-based mobile tech firm backed by Chelsea owner and Russian billionaire Roman Abramovich has recently raised $38 million (approx €34.5 million) at a $516 million (approx €470 million) valuation. The funding was raised from Vollin Holdings and Minden, the fund of Russian steel magnate Alexander Abramov.
The UK company intends to use the funding to develop software development and network upgrades. Some parts of the financing will be used to expand its presence in North America and the Asia Pacific as well. As per the company claims, it has supplied somewhere around 4 million eSIM profiles globally to date.