London startup Devyce raises £2.2m to build 'money-can't-buy' global mobile network for business
Summary
Devyce, a UK SaaS company that provides digital phone numbers to multinational businesses, has closed a \xa32.2m seed funding round to spur on its ambition to create a global mobile network for business using its own mobile network operator licence.A graduate of Y Combinators Summer 2022 accelerator cohort, Devyces funding round is led by Y Combinator alongside Garage Capital (backers of Substack and Vendr) and FoundersX Ventures (investors behind Moonshot Brands). Individual investors also participated in the round, including John Kim, founder & CEO of Sendbird, and Ryan Chan, founder & CEO of UpKeep.Founded by three London-based entrepreneurs in 2020, Devyce supplies businesses of all sectors and sizes with mobile phone numbers that can be used by their employees anywhere in the world using WiFi or mobile data.A digital phone number requires neither its own SIM card or handset to operate. Devyce makes it easier and cheaper for companies to help their people make best use of the devices they already have at their disposal, wherever they are located.Helen Liang of FoundersX Ventures adds: Owning their own mobile network puts leagues between Devyces founders and their nearest competition in the digital telecoms market. Devyce on the other hand ploughs on, able to offer unmatched low costs for an essential service that every company globally cant do without.Mike McCauley of Garage Capital concludes: As more organisations globally embed flexible, hybrid or entirely remote working policies, there is an urgent need to accommodate cost-effective communications infrastructure among employees who may be located across multiple countries.Devyce helps companies cut costs while keeping their teams connected and working productively. Were excited to support Devyces founders and their team as they expand business in the UK and replicate their unique opportunity in markets across Europe.Devyces monthly recurring revenue grew by 144 per cent in 2022.