Travel eSIM provider Truely has announced the completion of a $3.5 million round of financing
led by 1982 Ventures with participation from Beenext and Kopital Ventures as
well as founding team members and a number of angel investors.
Founded in 2023, Truely enables travelers to access mobile
data across a variety of destinations and regions with services in multiple languages.
It provides local data plans in more than 200 destinations, eliminating
physical SIM cards and associated clutter, expiring and overlapping plans and expensive
roaming charges.
“We created Truely with user experience at its
core — understanding that incumbent options lacked user-friendliness and depend
on burner eSIMs. Our flexible and affordable packages offer best-in-class
coverage at affordable prices, while also achieving maximum ease-of-use,” said
Simon Landsheer, founder and CEO of Truely.
“Leveraging Truely’s Switchless eSIM
technology, we will continue to release exciting and innovative products and
features to meet diverse traveler needs, keeping travelers connected seamlessly
wherever they go at unprecedented ease.”
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Truely points to research from Kaleido Intelligence that found the eSIM retail market is expected to reach $3.3 billion in sales
by 2025 and is projected to grow nearly 50% annually over the next four years.
With the financing, Truely intends to release B2B2C services
for major travel operators, airlines, airports, online travel agencies and
service providers. The company also plans to release additional products and
services to help keep global travelers connected to their workplaces and loved
ones.
“Truely's founding team and Switchless technology offers
the company a significant competitive advantage in establishing a global
presence,” said Fandy Cendrajaya, partner, Kopital Ventures.
“Simon has
successfully founded and exited multiple businesses, and his recent efforts to
assemble a strong team with relevant experience at this early stage is
particularly commendable. 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
capitalize on.”