Truphone Revenue, Valuation, Funding & Investors

Truphone is valued at $516M as of April 2020, a 6.5x multiple on its last reported $80M revenue.

Last Truphone valuation

$516M

Undisclosed stage · Apr 2020

Last Truphone funding round

$38M

Undisclosed stage · Apr 2020

Truphone revenue

$80M

Undisclosed stage · Apr 2020

Key investors in Truphone

  • Minden
  • Vollin Holdings
  • Emerson Collective
  • Millhouse

Truphone Overview

About Truphone

Truphone is a global mobile virtual network operator offering eSIM profiles and multi-network roaming subscriptions for iOS and Android devices. Enterprises access management consoles for workforce connectivity in over 100 countries via cloud-based SIM platforms.


Founded

2006

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$80M (Apr 2020)

Valuation

$516M (Apr 2020)

Truphone Valuation

Truphone is currently valued at $516M, based on its undisclosed-stage round in April 2020.

The $38M round included Minden and Vollin Holdings.

Truphone's valuation has grown 1.1x from $473M at its undisclosed-stage round in February 2013 to $516M in April 2020, across 3 priced rounds.

Truphone valuation by funding round

Revenue multiple
Truphone valuation by funding round
DateStageValuationRevenue Multiple
Apr 2020Undisclosed stage$516M6.5x
Oct 2018Undisclosed stage$513M6.4x
Feb 2013Undisclosed stage$473M47.3x

Truphone Revenue

Truphone's latest recorded revenue is $80M, as of its undisclosed-stage round in April 2020. At a $516M valuation, that implies a 6.5x revenue multiple.

Revenue grew from $10M in February 2013 to $80M in April 2020, while the revenue multiple moved from 47.3x to 6.5x.

Truphone revenue by funding round

Truphone revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2020$80M$516M6.5xUndisclosed stage
Oct 2018$80M$513M6.4xUndisclosed stage
Feb 2013$10M$473M47.3xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Truphone Funding History

Truphone has raised a total of $563M across 4 funding rounds.

Truphone's first fundraising round was a $118M undisclosed-stage round in February 2013. The most recent completed round was a $38M undisclosed-stage round in April 2020.

Truphone funding rounds

Truphone funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2020Undisclosed stageMinden; Vollin Holdings$38M$516MTruphone is a London-based global mobile network operator founded in 2006 that specializes in providing eSIM-powered connectivity solutions for businesses and consumers, particularly serving international travelers and multinational corporations. The company offers subscription-based mobile connectivity services with coverage across Europe, North America, and Asia, delivering cost-effective mobile data and voice services to both B2B and direct-to-consumer markets. In April 2020, Truphone achieved a post-money valuation of $516 million. The funding round in February 2020 raised £30 million from existing investors to support eSIM software development and geographic expansion into North America and Asia Pacific. For the fiscal year ended August 31, 2020, Truphone generated revenue of GBP 60.3 million with an EBITDA of negative GBP 7.98 million, reflecting the company's investment phase focused on product development and market expansion. The company's revenue model centers on subscription-based packages tailored to diverse customer segments, with international coverage options and recurring revenue streams forming the core of its financial performance.
Oct 2018Undisclosed stageMinden; Vollin Holdings$69M$513MTruphone is a London-based global mobile network provider specializing in eSIM technology for mobile operators, device makers, chip manufacturers, and IoT devices, offering connectivity solutions that integrate the supply chain for smoother customer experiences. The company serves over 3,500 multinational enterprises across 196 countries and has products like Truphone Mobile Recording for financial services, enabling global call recording. On October 15, 2018, Truphone raised £18 million in unconditional funding through a rights issue from investors including Vollin Holdings and Minden Worldwide, both tied to Roman Abramovich, valuing the company at £386 million post-money, with an additional conditional £36 million (total ~£54 million or $71 million) KPI-driven for growth acceleration. Existing shareholders, controlling over 80% of the company, provided the funds to scale eSIM and IoT technology amid high demand following high-value deals. This round followed a 2017 £298 million rights issue at £370 million valuation used partly to retire £239 million debt, positioning Truphone to expand in Apple eSIM-compatible devices targeting 30 markets by end-2018 and 54 by 2019.
Oct 2017Undisclosed stageEmerson Collective (lead); Minden (lead); Vollin Holdings (lead)$339M-Truphone is a London-based mobile telecommunications company founded in 2006 that provides low-cost international mobile voice and data services, as well as eSIM and IoT connectivity solutions for connected devices. The company gained prominence through its offerings in mobile voice and international data plans, and later expanded into specialized sectors including Truphone Mobile Recording for financial services clients requiring global call recording capabilities. In October 2017, Truphone raised £255 million ($339 million) in a Series D round through a rights issue offered to existing shareholders Minden and Vollin Holdings, investment vehicles with ties to Russian oligarch Roman Abramovich, who owned an 83 percent stake in the company. The round valued Truphone at £370 million ($491 million USD), representing modest appreciation from its 2013 Series C valuation of £300 million. CEO Ralph Steffens indicated the funding would be used primarily to retire approximately £239 million in debt accumulated over the previous three to four years of expansion, as well as to advance the company's eSIM and IoT technology platforms. The company had achieved notable milestones including the acquisition of Cellnetrix Group in 2017, which enabled Truphone to become the first operator with its own SIM operating system software, positioning it as a market leader in telecommunications infrastructure technology. Management stated at the time that Truphone was on track to achieve profitability in 2018 based on organic business growth and existing customer engagements.
Feb 2013Undisclosed stageMillhouse$118M$473MTruphone, a UK-based mobile network operator founded in 2006, enables free or low-cost calls between mobile devices, disrupting traditional international calling services by bypassing expensive carrier fees. On February 1, 2013, it raised $118 million (£75 million) in a Series C round led by Millhouse (via Minden), which invested £70 million for a 23.3% stake, implying a post-money valuation of $473 million (£300 million). Prior to this, Truphone had raised $57.1 million from investors including Straub Ventures, Burda Digital Ventures, Eden Ventures, Independent News & Media, and Wellington Partners, with its last round in 2008. The funds were earmarked for global market expansion and hiring 500 more employees over the next 18 months to support its borderless mobile service model. CEO Steve Robertson highlighted the growing demand for seamless global connectivity. Truphone continued raising capital in later years, including rounds in 2017 and 2018 at valuations around £386 million, shifting focus toward eSIM and IoT technologies, partnering with entities like Apple, Synopsys, and Workz Group. It was ultimately acquired in June 2022, with a $516 million valuation noted in April 2020.

Who has invested in Truphone?

4 investors have backed Truphone across its funding rounds, including Minden, Vollin Holdings, Emerson Collective and Millhouse.

Lead investors include Emerson Collective, Minden and Vollin Holdings.


Truphone Investors

Investors in Truphone by funding rounds participated
InvestorHQRoundsRoleFirst check
MindenCyprusCyprus3LeadOct 2017
Vollin HoldingsSpainTórtola3LeadOct 2017

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Acquisitions by Truphone

Truphone has acquired 2 companies to date.

Last acquisition by Truphone was on October 17th 2017. Truphone acquired Cellnetrix for undisclosed valuation.


Latest Acquisitions by Truphone

Cellnetrix
CoSwitched
Description
Cellnetrix is a software research and development company specializing in secure wireless communications. It develops embedded solutions for USIM, R-UIM cards supporting GSM, UMTS, CDMA, WLAN, and Internet protocols. Key offerings include over-the-air management platforms for post-issuance SIM updates, compliant with Open Mobile Alliance, 3GPP, ETSI, and GlobalPlatform standards. Using Java Card technology, Cellnetrix delivers value-added services like secure mobile applications for network operators. Based in Europe, it serves global telecom providers with reliable connectivity enhancements.
CoSwitched is a UK-based Internet of Things Mobile Virtual Network Operator enabling cellular connectivity for devices. The company provides SIM solutions for machines, supporting voice, data, and SMS over global networks including 4G LTE. CoSwitched targets IoT applications in smart metering, asset tracking, and industrial sensors, offering pay-as-you-go plans and API integration for developers. Its platform simplifies device provisioning across Europe and North America.
HQ CountryGermanyPortugal
HQ City
Hamburg
Lisbon
Deal Date17 Oct 201723 Dec 2015
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Truphone Competitors

Truphone competitors include listed companies like Telefónica Chile, Almendral , Ooredoo Oman and SLTMobitel, and private ones like Iranian Net Co. and Linkem.

Public and private companies comparable to Truphone
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Telefónica ChileChileChilePublicly listed$923M$61M$536M-
Almendral ChileChilePublicly listed$3.1B$719M$496M-
Ooredoo OmanOmanOmanPublicly listed$630M$175M$542M1.0x
SLTMobitelSri LankaSri LankaPublicly listed$344M$137M$542M1.9x
Iranian Net Co.IranTehranPrivate$31M-$602M19.4x
LinkemItalyRomePrivate--$805M-

Truphone Public Comps

Truphone is still privately-owned, but its public comps include Telefónica Chile, Almendral , Ooredoo Oman, SLTMobitel, IndoInternet, Kinx, Cogent Communications, Cell C, Blu Label Unlimited Group and Axtel.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Telefónica Chile$923M$61M0.6x-9.8x-
Almendral $3.1B$719M1.2x-5.1x-
Ooredoo Oman$630M$175M1.0x1.0x3.7x2.8x
SLTMobitel$344M$137M2.1x1.9x5.2x-
IndoInternet$47M$26M15.9x-29.6x-
Kinx$116M$37M4.5x4.6x14.1x15.6x
Cogent Communications$976M$164M3.0x3.1x17.9x9.9x
Cell C$777M$339M0.8x0.7x1.8x3.2x

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Common questions about Truphone

When was Truphone founded?Truphone was founded in 2006.
Where is Truphone headquartered?Truphone is headquartered in London, United Kingdom.
Is Truphone publicly listed?No, Truphone is a private, VC-backed company.
What is Truphone's valuation?Truphone was last valued at $516M in its undisclosed-stage round in April 2020.
How much funding has Truphone raised?Truphone has raised $563M across 4 funding rounds.
What was Truphone's last funding round?Truphone's last funding round was a $38M undisclosed-stage round in April 2020.
Who are Truphone's investors?Truphone's investors include Minden, Vollin Holdings, Emerson Collective and Millhouse.
What is Truphone's revenue?Truphone's latest recorded revenue is $80M (April 2020).
What is Truphone's revenue multiple?Truphone's latest valuation implies a 6.5x revenue multiple ($516M valuation on $80M of revenue).
Which companies are comparable to Truphone?Companies comparable to Truphone include Telefónica Chile, Almendral , Ooredoo Oman, SLTMobitel, Iranian Net Co. and Linkem.
How many companies has Truphone acquired?Truphone has acquired 2 companies, including Cellnetrix and CoSwitched.

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