Braid, the embedded mobile connectivity company formerly known as Next Communications, has raised €34.13m ($38m) in a Series A led by London's Octopus Ventures, with KPN Ventures participating.
Credit: this report is based on a story first published by EU-Startups. Read the original at eu-startups.com.
According to EU-Startups, the round is the first external capital the company has taken since it was founded in 2023. Headquartered in The Hague, Braid lets enterprises launch their own branded mobile connectivity, and it used the funding announcement to drop the Next Communications name.
The deal
The Series A totals €34.13m, reported as $38m. London-based Octopus Ventures led the round. KPN Ventures, the strategic investment arm of Dutch telecom operator KPN, also took part.
Braid says it has been profitable and cash-flow positive. It plans to spend the new money on international expansion, on deepening its carrier network and on strengthening the infrastructure behind its embedded connectivity business.
Uthish Ranjan, partner at Octopus Ventures, said he believes Braid is "defining a new category in embedded connectivity".
The product
The company offers a single API that orchestrates more than 600 carrier networks across more than 200 countries. Enterprises can use it to embed SIM and eSIM connectivity in their own products, or to launch fully branded storefronts without becoming telecom operators themselves.
Braid says a live trial can be running in three minutes and a brand-led mobile launch can go live in as little as a week. Examples given in the EU-Startups report include an airline offering roaming from the moment a passenger books, a bank handing out connectivity as a loyalty reward and a sports club keeping travelling fans connected.
Founders and footprint
Braid was founded by Jignesh Dave, Vishal Dave and Mitesh Popat. It operates across India, Europe, the Middle East and Africa, and claims close to 90 enterprise customers, including global fintech and travel brands.
Before Braid, Jignesh Dave worked in UK and South African banking, including at Lloyds, and then built and ran a mobile virtual network operator (MVNO) for seven years. Getting that business to its first SIM sale cost him €500k and 18 months of runway, an experience EU-Startups describes as the bedrock of Braid's foundation.
What comes next
With the Series A in hand, Braid is targeting international growth and a deeper carrier network. Over the long term, the company says it wants to become the default infrastructure for enterprise connectivity globally.
Original source: EU-Startups, "Profitable Dutch startup Braid raises €34.13 to help brands launch their own mobile connectivity"
