UK mobile operator Truphone backed by Russian billionaire secures €34.5M to expand across North America & Asia Pacific



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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.

Founded by Alexander Straub and James Tagg, Truphone was founded in 2006 on a farm in Kent with a mission to improve connectivity to mobile services where current cellular providers could not reach. Its patented technology now serves over 3,500 multinational enterprises in 196 countries.

This UK company offers the remote SIM provisioning platform that enables mobile operators, OEMs, and others to roll out support for eSIM enabled devices by providing a complete “as-a-service” solution. Furthermore, it also has a unique in-network mobile call recording solution that is helping global organisations comply with FCA and MiFID II regulations.

It’s worth mentioning that Truphone is the next big investment for Russian billionaire Roman Abramovich after the Chelsea football club.

Ralph Steffens, CEO of Truphone, in a statement:

- A message from our partner -

“We have long championed eSIM as the superior method of connectivity, and it’s immensely rewarding to reap the benefits of this decision. We are delighted that our investors continue to support us as we develop this technology, which is maturing and accelerating all the time. Backed further by our investors, the future looks bright for Truphone, our partners, customers, and a better-connected world.”

The telecommunication company was an early partner of Apple for its iPad as well. Last year, the Truphone secured deals from 25 major operator customers across four continents covering 200 million customers. Headquartered in London, we have 12 offices across four continents and continue to expand globally.

Main image credits: magicinfoto/Shutterstock

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The editorial team of Silicon Canals brings you technology news from the European startup ecosystem. 

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