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Roman Abramovich Invests $118 Million In UK’s Truphone

Russian oligarchs show strong interest in British telecoms market

On by East West Digital News 0

On Friday, UK-based international mobile operator Truphone announced that it has secured £75 million in a round of funding from investors including Russian billionaire Roman Abramovich.

Abramovich’s investment company, Minden, has acquired a 23.3 percent stake for £70 million, valuing the company at £300 million.

Russians in London

Founded in 2006, Truphone had raised $57.1 million prior to this round, supported by several investment funds as well as the Independent News & Media, an international media group which is now part of the empire owned by another Russian oligarch, Alexander Lebedev.

TruPhone ScreenshotTruphone has ambitious global growth plans. The company expects to “more than double the size of its potential market over the next twelve months,” as stated in its press release.

Truphone’s service currently works in 220 countries and is available as a local service in the UK, USA and Australia. With a single device and SIM card, customers can enjoy a local number in all Truphone countries. This allows them to access voice, data and SMS services at local rates. Their friends, family and business contacts can keep in touch with them wherever they are in the world by simply making a local call.

“Staying connected is crucial to the way we live our lives – and the demand for connectivity is growing. This funding round will enable us to continue to bring the promise of a mobile phone service without international borders into new markets across the world,” said Truphone’s CEO Steve Robertson.

This article originally appeared on East-West Digital News.

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