Truphone scores $75m in funding led by Chelsea FC owner to boost its expansion and secure new talent

Truphone scores $75m in funding led by Chelsea FC owner to boost its expansion and secure new talent

Mobile communications company Truphone has announced a new round of funding totaling to £75 million (or ~$118.7m USD), led by Chelsea FC owner Roman Abramovich.The company reports that Abramovich acquired a 23.3% stake in Truphone for £70 million, valuing it at £300 million (or ~$475m USD).

With these new funds, Truphone has detailed that it plans to expand its services to the Netherlands, Hong Kong, Poland, Germany and Spain this year, in addition to the 220 countries it already operates in.

F**k it, we'll do it live!

Our biggest ever edition of TNW Conference is fast approaching! Join 10,000 tech leaders this May in Amsterdam.

The company also plans to ‚Äúemploy around 500 additional colleagues over the next 18 months, with a large number of these roles based in the UK.‚ÄĚ The company teased that it will continue to invest in ‚Äúsignificant product launches in the coming months.‚ÄĚ

If you‚Äôre unfamiliar with Truphone‚Äôs services, the company is known for its system which allows customers to¬†access voice, data and SMS services at local rates across 220 countries using one¬†phone a SIM card.¬†The sheer expense of this round ‚ÄĒ¬†priced at nearly 1/4 ownership of the company ‚ÄĒ makes this an interesting move for¬†Truphone.

Truphone has also invested in internet calling, and claims to have launched the first ever VoIP app for a mobile phone.

Image credit: Goodshoot

Read next: European video ad network Ebuzzing to expand into the US after 79% year-on-year revenue jump in 2012

Shh. Here's some distraction

Comments