Travel eSIM provider Truely completes latest financing round

Innovative travel SIM provider Truely announced that it just completed  a US$3.5 million round of financing led by 1982 Ventures with participation from Beenext, and Kopital Ventures. 

The round also saw participation from the founding team members and various strategic angel investors, including JJ Chai (ex-Airbnb), Kum Hong Siew (ex-Airbnb), HY Sia (founder of Tranglo), Mohammad Gharaybeh, Qin En Looi, Eric Dadoun, and Gilbert Relou, among others.

With this round of financing, Truely plans to release B2B2C services designed for major travel operators, Airlines, Airports, OTA’s and service providers, as well as release additional products and services to help keep global travellers connected to workplaces and loved ones.

Truely’s flagship technology Switchless provides, global connectivity for travellers ensuring that they are always able to access mobile data across a wide range of destinations and regions with services in multiple languages. Utilising eSIM technology, Truely provides local data plans in over 200 destinations and regions, eliminating the need for physical SIM cards and associated clutter, expiring and overlapping plans, and expensive roaming charges.

With easy installation, competitive rates, and 24/7 support, Truely is able to dramatically enhance remote connectivity to meet the demands of a new digital era.

In a position to dominate the sector

1982 Ventures founding managing partner Herston Powers remarked that Truely is well-positioned to dominate the massive eSIM market.

Powers said: “No other team in the market has Truely’s track record of building successful business combined with the operators’ decades of experience in global telecom. Truely’s technology stands out from existing players by making it easy and painless for consumers and enterprises to sustainably leverage global connectivity.”

Beenext partner Faiz Rahman likewise expressed excitement over the long-term partnership with the connectivity solutions developer.

Rahman said of Truely’s development team: “Their vision to enhance global connectivity for travelers through Switchless™ technology is truly inspiring. We believe Truely has the execution power to build a global business, especially with the perfect market timing as travel rebounds post-pandemic, and with the backing of their high-quality products.”

Kopital Ventures founding partner Fandy Cendrajaya lauded the founding team at Truely as their Switchless technology gives it an edge when it comes to building up its global presence.

Cendrajaya said: “The eSIM sector is still in its infancy, as evidenced by the fact that the largest smartphone manufacturer only introduced eSIM technology in 2017. Despite this, the industry has rapidly expanded into a multi-billion dollar market, presenting a substantial opportunity for Truely to capitalise on.”