ChatSim S.r.l., a Milan, Italy-based provider of a SIM card that lets people chat free of charge, raised €1m in funding.
Angelsim Sarl, a Luxembourg investment company that groups together international investors with many years of experience in investment to support start-ups, made the investment in ChatSim, which is worth over €4m after a few months from its launch.
The company intends to use the funds to continue to grow the business with the target to sell 1 million SIM cards by 2016.
Founded by Manuel Zanella as a Zeromobile innovative startup, ChatSim created a SIM card that allows users to chat free of charge, without limits and without Wi-Fi, using instant messaging apps (WhatsApp, Telegram, Facebook Messenger, WeChat, QQ, Viber, LINE etc.) and make voice calls with all IM apps as a single voice communication system.
According to a note, the company has already sold over 100 thousand SIM cards and signed distribution agreements in 30 countries.