Travel eSIM company Truely raises $2M for expansion

 

Travel eSIM provider Truely has raised $2 million to drive expansion. Founded in 2023, the Singapore-based company partners with network providers and uses "Switchless" technology, which allows users to install the eSIM once without needing to replace it for future trips.

DG Daiwa Ventures, Disrupt.com and Goodwater Capital took part in the funding round, which also included support from existing investor Beenext. In October 2024, Truely announced the completion of a $3.5 million financing round led by 1982 Ventures. With the new funding, Truely’s total capital sits at $5.5 million.

The funding follows "strong momentum" in B2C growth generated by the launch of the updated Truely 2.0 app, the company said. The platform is now available in more than 200 destinations, according to its LinkedIn.

Truely said it is working to expand its global presence by way of B2B2C partnerships with online travel agencies, airlines and fintech superapps to boost user acquisition.

Simon Landsheer, co-founder and CEO of Truely, said as a frequent traveler himself, he feels like he is “building his dream product.”

“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,” Landsheer 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,” said Makoto Ibi and Yuma Nishikawa of DG Daiwa Ventures.

“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.” 

The investment comes as traveler spending on eSim services is anticipated to surpass $3 billion by 2025, according to Kaleido Intelligence. 

Tags:      Simon Landsheer, Truely, investment, Travel eSIM