Enterprise-focused operator Truphone raised £255 million from existing shareholders to clear its debt and fund a push into IoT devices.
The UK-based company said the cash injection would help it “disrupt the trillion-dollar mobile industry and power the world’s connected devices” in addition to help push its service into new markets.
Truphone provides connectivity using eSIM technology in a range of markets around the world. It recently signed a deal with Apple which will see its technology built into selected iPads.
The company believes its connectivity system is well suited to IoT devices and addresses the need for cross-border capabilities in some IoT use cases.
“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,” Truphone CEO Ralph Steffens said.
“It is an important step in achieving our long-term goal to power billions of connected devices around the world,” he added.
Truphone was founded in 2006 in London and attracted a number of wealthy backers including Russian billionaire Roman Abramovich.
It operates from offices in the UK, Australia, Germany, Hong Kong, Netherlands, Poland, Portugal, Spain and the US, though its services are also available in other countries.