Truphone, a UK-based telecommunications software provider that counts media company Independent News & Media (INM) as an investor, raised £30m ($37.8m) from unnamed existing backers yesterday at a $517m valuation.
Founded in 2006, Truphone provides an international mobile network for business customers, having established its own global network infrastructure which now spreads across four continents.
The capital will go to software development as Truphone seeks to enhance its embeddable SIM (eSIM) technology. It will also fund an international growth drive that will involve the company expanding in North America and the Asia Pacific region.
Trufone CEO Ralph Steffens said: “We have long championed eSIM as the superior method of connectivity, and its 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 company had secured $23.6m in a late 2018 rights issue it said valued it at $506m, following $118m from investment firms Minden and Vollin Holdings five years earlier and $298m in another rights issue, in 2017.
INM, Acton Capital Partners, Wellington Partners, Straub Ventures and Eden Ventures had supplied $24.3m in series A funding for Truphone in 2007 before adding $32.7m alongside various private investors the following year.
