Gigs Secures 73 Million To Fuel Expansion Amid Telecom Revolution

Gigs Secures 73 Million To Fuel Expansion Amid Telecom Revolution

Gigs, a pioneering platform that empowers companies to launch mobile virtual network operators (MVNOs) with minimal upfront investments, has secured a substantial $73 million in funding. This latest round of investment solidifies Gigs’ position as a leader in the rapidly evolving telecom sector.

The surge in demand for MVNO services is driven by emerging technologies such as eSIM, which has disrupted the traditional telecom industry. By providing an all-digital distribution strategy, eSIM has made it possible for millions of people to bypass mobile networks and provision their SIM cards independently. This shift has paved the way for companies like Gigs to capitalize on this trend.

Gigs’ platform offers a comprehensive suite of tools that enables businesses to launch and manage their own mobile networks with ease. The company’s data-only eSIM product is available globally, while its enterprise product provides phone plans in over 50 markets, catering to multinational corporations. Additionally, Gigs offers a consumer-focused mobile service, which is currently available in the U.S., Germany, and the U.K.

Gigs co-founder and CEO Hermann Frank aims to serve as the “global connectivity layer” that simplifies the process of launching and managing a mobile network. He emphasizes the importance of automation in reducing operational costs and improving customer satisfaction. To achieve this, Gigs is developing an AI-powered customer support assistant called “Operator,” which will enable customers to update their credit card details or request new eSIMs without human intervention.

Ribbit Capital, a venture capital firm with experience backing fintech startups like Robinhood and Coinbase, led the company’s Series B funding round. Ribbit Capital sees synergies between the telecom and banking sectors, citing mobile connectivity as one of the most widely used consumer services globally yet consistently ranked among the lowest in customer satisfaction.

Gigs’ expansion plans include strengthening its network partnerships, particularly in the U.S., where it currently has limited partnerships with T-Mobile and AT&T. The company also announced a tie-up with Vodafone in the U.K. to facilitate easier integration of phone plans into tech products.

With this latest investment, Gigs is poised to further enhance its product lineup, geographic reach, and network capabilities. As the telecom sector continues to evolve, Gigs aims to capitalize on the growing demand for mobile virtual network operators (MVNOs) by harnessing emerging technologies like eSIM and AI-powered automation. This will help democratize access to mobile connectivity, making it more accessible and affordable for businesses and consumers alike.

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