Truely secures $3.5M to drive eSIM services across travel

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.”

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.”