Truphone Secures £75M in Funding

Truphone, a British mobile communications company, secured £75m in funding.

Backers included Roman Abramovich. His investment vehicle, Minden, acquired a 23.3% stake for £70m, valuing the company at £300m.

The company intends to use the proceeds to open businesses in the Netherlands, Hong Kong, Poland, Germany and Spain, and other countries this year, add around 500 additional employees over the next 18 months, with a large number of positions based in the UK, and to continue investing in innovation with product launches scheduled in the coming months.

Led by founder and CTO James Tagg and CEO Steve Robertson, Truphone developed multiple number technology that allows customers to use a single device and SIM card to enjoy a local number in all countries. This allows them to access voice, data and SMS services at local rates. The service also offers mobile recording -capbilities.

In 2012, the company won contracts with FTSE 100 and Fortune 500 companies in the banking, technology and energy sectors.
It currently works in 220 countries and is available as a local service in the UK, USA and Australia.



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