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Singapore: Travel eSIM company Truely has raised $2 million (£1,479 million) for expansion, backed by DG Daiwa Ventures, Disrupt.com and Goodwater Capital alongside existing investor Beenext.
Truely has partnered with network providers and leveraged it proprietary “Switchless” technology, that allow users to install an eSIM once without needing to replace it for future trips.
DG Daiwa’s investment will provides access to distribution channels, corporate partners in Japan and East Asia, and payment rails for the company.
Goodwater Capital’s involvement is expected to support the company’s consumer growth strategy, drawing on the investor’s expertise in consumer intent and behaviour.
This latest raise follows a previous $3.5 million (£2.77 million) round announced in October 2024, bringing Truely’s total capital raised to $5.5 million (£4.35 million).
The new funding builds on recent growth in Truely’s B2C business, driven by the launch of the updated Truely 2.0 app.
The platform is now available in more than 200 destinations and is working to expand its global presence by B2B2C partnerships with online travel agencies, airlines, and fintech superapps.
According to Kaleido Intelligence, London-based research firm specialising in the telecommunications, traveler spending on eSIM services is anticipated to surpass $3 billion (£2.22 billion) by 2025.
Simon Landsheer, co-founder and CEO of Truely, said “It’s incredible to have investors who share that vision alongside our team. We have a lot planned and we’re going to keep executing.”
Makoto Ibi and Yuma Nishikawa of DG Daiwa Ventures said: “As a global VC, we often encounter the frustration of eSIM solutions that require new installations with every trip and offer unpredictable data storage options.
“Truely offers a promising solution, providing seamless and flexible connectivity for frequent travelers. We are confident in Truely’s ability to address these challenges and scale, especially given the team’s extensive experience, deep connections within the community and strong network.”
Highlights:
- Singapore-based e-SIM provider Truely has raised $2 million (£1,479 million) for expansion
- Beenext was joined in funding by DG Daiwa Ventures, Disrupt.com, and Goodwater Capital
- Truely is now available in 200 countries and continues to work to expand global presence
