Truely, a travel tech firm based in Singapore, has raised US$2 million in funding from DG Daiwa Ventures, Goodwater Capital, and Disrupt.com.

This new round of financing increases the company’s total capital raised to US$5.5 million.

In May 2025, Truely launched its updated eSIM service, known as Truely 2.0.

This service provides global connectivity with unlimited data and no roaming fees.

The company intends to use the funds to improve its network capabilities.

It also plans to introduce localized pricing and payment options, and develop tools for team and business travel.

🔗 Source: Truely

🧠 Food for thought

1️⃣ Travel eSIM market reaches critical inflection point after decade of development

The Truely funding announcement comes at a pivotal moment in the eSIM industry’s evolution, which began over a decade ago when the GSMA initiated development standards in 2011 specifically for IoT devices lacking space for physical SIMs 1.

Early consumer adoption was led by wearables like the Samsung Gear S2, followed by Apple’s integration of eSIM technology in iPhones starting in 2018, which significantly accelerated mainstream awareness 2.

Market projections consistently show exceptional growth, with the global eSIM market expected to grow from $7.3 billion in 2022 to over $21 billion by 2032 at a CAGR of 10.2% 3.

The travel eSIM segment specifically is projected to grow by 440% over the next five years, with consumer spending expected to exceed $3.3 billion by 2025 4.

This rapid growth follows a temporary downturn during the COVID-19 pandemic 5, but has rebounded strongly as international travel has resumed and consumer awareness has increased, with 35% of surveyed individuals now familiar with eSIM technology 4.

2️⃣ Competition intensifies as unlimited data becomes the new battleground

Truely’s emphasis on unlimited global data reflects a crucial competitive trend in the travel eSIM market, where providers are increasingly using data allowances as a key differentiator.