Mobile operator Truphone has raised £255m in funding to fuel its global expansion.
The funds, raised through a successful rights issue, came from existing shareholders Minden and Vollin Holdings, two investment firms linked with Russian oligarch Roman Abramovich.
Now valued at £370m, Truphone will also use the money to offset the debt incurred during the development of its mobile connectivity platform.
Commenting on the news, Ralph Steffens, CEO of 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 e-SIM 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 power billions of connected devices around the world.”
The news comes after Truphone struck a partnership with Apple, which will see its connectivity be locally available in over 50 countries on Apple e-SIM, which allows iPad users to gain connectivity on the move.
Founded in 2006, Truphone says it expects to turn a profit next year.
The company employs more than 350 people in 10 countries and is seeking to enter the IoT ecosystem.
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