Braid, an enterprise connectivity startup that has grown without external funding since its launch in 2023, has raised $38 million in Series A financing led by Octopus Ventures.
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KPN Ventures, the strategic investment arm of Dutch telecommunications operator KPN, also participated in the round.
The funding marks a new phase for the Netherlands-headquartered company, which reports being profitable and cash-flow positive. Braid currently serves close to 90 enterprise customers, including major global fintech and travel brands.
The startup plans to use the capital to accelerate international expansion, strengthen its carrier network and further develop the infrastructure supporting embedded mobile connectivity.
From operating a mobile network to building a technology startup
Braid was founded by Jignesh Dave, whose professional background spans banking and telecommunications.
Before establishing the company, Dave worked in banking across the United Kingdom and South Africa, including at Lloyds. He subsequently founded and operated a mobile virtual network operator for seven years.
That experience exposed him to the complexities of establishing connectivity services, including lengthy procurement procedures, regulatory requirements and carrier negotiations that can extend over three to six months.
The opportunity he identified was to develop infrastructure that other businesses could use without building their own telecommunications operations.
Launched in 2023, Braid, formerly known as Next Communications, was developed around this enterprise-focused model.
Building a platform for enterprise connectivity
Braid provides a connectivity orchestration platform connecting businesses to more than 600 carriers across over 200 countries through a single application programming interface (API).
Enterprises can embed SIM and eSIM connectivity into existing applications using APIs or software development kits (SDKs). The platform also supports fully branded storefronts that do not require dedicated engineering development.
According to the company, a live trial can begin within three minutes, while a branded connectivity service can be launched in as little as one week.
The technology is intended for businesses seeking to integrate mobile services into existing customer offerings without becoming telecommunications operators.
Founder identifies infrastructure opportunity
Jignesh Dave, Founder and CEO of Braid, said: “I spent 18 months and half a million euros just to sell my first SIM card, and that is why Braid exists. After seven years running a mobile virtual network, I realised we weren’t really selling SIM cards. We had built the infrastructure that makes connectivity accessible to everyone. Amazon built AWS to power its own business and found it could power everyone else’s, and it was the same for us. Today a business can start in three minutes. And when brands make connectivity part of their customer experience, they unlock something far more valuable: stronger relationships, greater loyalty and new revenue.”
Funding to support international growth
Braid’s technology has applications across travel, financial services and sports. Travel businesses can incorporate connectivity into flight bookings, banks can include it in customer reward programmes, and sports organisations can provide mobile services to supporters travelling internationally.
These arrangements may help enterprises create additional revenue opportunities while maintaining customer relationships.
Reinout van Ierschot, Executive Vice President of Wholesale at KPN, said Braid’s platform enables enterprises to embed connectivity through a single API, reducing implementation complexity and accelerating time to market.
With its first external funding secured, Braid plans to expand internationally, deepen carrier relationships and continue developing its enterprise connectivity infrastructure.
