Truely, a Travel eSIM provider enabling global connectivity for travellers, has announced the completion of a US$3.5 million round of financing led by 1982 Ventures with participation from Beenext, and Kopital Ventures. The round also saw participation from the founding team members and various strategic angel investors, including JJ Chai (ex-AirbnB), Kum Hong Siew (ex-Airbnb), HY Sia (Founder of Tranglo), Mohammad Gharaybeh, Qin En Looi, Eric Dadoun, and Gilbert Relou, among others.
Founded in July 2023, Truely is an eSIM company offering its patented Switchless global connectivity for travellers by ensuring that travellers are always able to access mobile data across a wide range of destinations and regions with services in multiple languages. Utilising eSIM technology, Truely provides local data plans in 200+ destinations and regions, eliminating the need for physical SIM cards, expiring and overlapping plans, and expensive roaming charges.
Truely originated as a spin-off from Bikago Mobile, a successful eSIM service for tourists in Bali. Leveraging its success in providing connectivity to international visitors on the island, Truely has expanded to become a global player. While headquartered in Singapore, Truely remains connected to its Indonesian roots by operating a 24/7 Customer Service and operation center in Bali, employing a team of 20 Indonesian professionals in Customer Service, Marketing, Finance and HR. which plays a key role in supporting its global operations.
Compatible with most modern smartphones, Truely’s eSIM can be installed in minutes without replacing the user’s original SIM card, enabling seamless and reliable connectivity around the world, and can also be used in tandem with physical SIM cards for dual SIM flexibility.
According to research by Kaleido Intelligence, the eSIM retail market is expected to reach US$3.3 billion in retail sales by 2025 and is projected to grow nearly 50% annually over the next four years, driven by the transition from physical travel SIMs, broader eSIM availability in mid-low tier smartphones, and more affordable data plans. Truely addresses this demand with broad coverage and flexible packages, so that business travelers, digital nomads, global backpackers, vacationing families, and travelers of all kinds can access local rates in any country without additional roaming costs or fees.
“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, Truely.
With this round of financing, Truely plans to release B2B2C services designed for major travel operators, Airlines, Airports, OTA’s and service providers, as well as release additional products and services to help keep global travelers connected to workplaces and loved ones.
“Truely is well-positioned to dominate the massive eSIM market. No other team in the market has Truely’s track record of building successful business combined with the operators’ decades of experience in global telecom. Truely’s technology stands out from existing players by making it easy and painless for consumers and enterprises to sustainably leverage global connectivity,” said Herston Powers, Founding Managing Partner, 1982 Ventures.
“We’re excited about our long-term partnership with the Truely team. Their vision to enhance global connectivity for travelers through Switchless™ technology is truly inspiring. We believe Truely has the execution power to build a global business, especially with the perfect market timing as travel rebounds post-pandemic, and with the backing of their high-quality products. We wish the company every success on this exciting journey,” said Faiz Rahman, Partner, Beenext.
“Truely’s founding team and Switchless™ technology offers the company a significant competitive advantage in establishing a global presence. 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,” said Fandy Cendrajaya, Partner, Kopital Ventures.
