eSIM platform Truely concludes US$3.5 million fundraise led by 1982 Ventures

It intends to use the funds to expand its offerings, including developing business-to-business services for travel operators and airlines

TRAVEL eSIM provider Truely has completed a US$3.5 million financing round led by 1982 Ventures, a seed-stage fintech-focused venture capital firm based in Singapore.

On Thursday (Oct 3), Truely said its latest funding round also involved participation from its founding team members, as well as Beenext in Singapore and Indonesia’s Kopital Ventures.

The company highlighted ex-Airbnb executives Chai Jia Jih and Siew Kum Hong, along with fintech Tranglo founder Sia Hui Yong, among its angel investors who took part in the round.

It intends to use its fresh funding to expand the company’s offerings, including developing business-to-business services for travel operators and airlines.

Singapore-headquartered Truely was founded in July 2023 and provides local data plans in more than 200 destinations and regions through its proprietary Switchless eSIM technology.

Its team is led by chief executive Simon Landsheer, who said the company will “continue to release exciting and innovative products and features to meet diverse traveller needs, keeping travellers connected seamlessly wherever they go at unprecedented ease”.

In Landsheer’s view, incumbent options to Truely’s eSIM service lack user-friendliness and are dependent on burner eSIMs, which cease to function when the data runs out or the plan expires.

Herston Powers, founding managing partner of 1982 Ventures, believes Truely is “well-positioned to dominate the massive eSIM market”.

“Truely’s technology stands out from existing players by making it easy and painless for consumers and enterprises to sustainably leverage global connectivity,” he said.