Telness Tech secures €8.5 million to expand its digital telecoms offering
Swedish ‘teltech’ Telness Tech has today announced an €8.5m (£7.3m) Series A funding round as it seeks to revolutionize the European telecoms market through integrated solutions for telcos.
The latest funding round was led by Stockholm-based VC, Industrifonden. Telness Tech’s existing investor, JCE Group, also participated in the round.
Founded in 2021 by telecoms executive turned entrepreneur, Martina Klingvall, Telness Tech was spun out of the Swedish telecoms provider Telness, set out to transform the industry by offering cloud-based infrastructure to businesses in order to increase customer happiness and lower operational expenditure.
In a market traditionally lacking in innovation, Telness Tech is seeking to disrupt the telecoms market in the same way that fintech changed the face of finance.
The platform, already used by Telness to deliver telecoms services to well over 15,000 business customers in Sweden, packages up a cloud-based, digital end-to-end solution that liberates traditional telcos from legacy infrastructure, cost and complexity. Alongside this, its cloud-based PBX enables telcos to keep up with the innovation and pace of challenger brands at a low total cost of ownership.
To date, Telness Tech has collaborated with three large telecoms customers to deliver sweeping technological change – including two which have launched a cloud PBX across its platform. This new round of investment will be used to expand Telness Tech to new markets, starting with the Netherlands and the UK.
Martina Klingvall, Founder of Telness Tech said: “We’re incredibly excited to have such fantastic investors on board as we continue to grow Telness Tech across Europe. Our platform has already started to transform how services are delivered to end customers – putting customer service first, and raising the bar for what people should expect from a mobile provider. Over the next year, we’ll be laser focussed on investing more into the team and making some key strategic hires, plus our expansion into other European markets.”
Tore Tolke, Senior Investment Director Industrifonden said: “We’re beyond delighted to invest in Telness Tech, enabling them to take their industry-challenging ethos further into the market. We’ve no doubt that with their talented team, the right investment and clear aspirations, Telness Tech will continue to grow into new markets across Europe at a rapid rate.”